openPR Logo
Press release

Bascom Group Acquires 249-Unit Build to Rent Multifamily Property in Premier Bakersfield Submarket for $56.6 Million

08-29-2024 07:50 PM CET | Industry, Real Estate & Construction

Press release from: ABNewswire

Bascom Group Acquires 249-Unit Build to Rent Multifamily

Image: https://www.abnewswire.com/uploads/a857df176ccf5c6b06bb2f23f7cea733.png

Irvine, California - August 29, 2024 - The Bascom Group, LLC ("Bascom") has acquired Old River Place, a 249-unit single family residential-style, build to rent multifamily residential property located in the highly desirable Southwest submarket of Bakersfield, California. The purchase price was $ $56,633,500 or $227,444 per unit. Despite the high-interest rate environment and anemic property sale market, the property marks Bascom's sixth acquisition of 2024 and twenty sixth multifamily acquisition in California's Central Valley. Annette Rice and Jamie Kline of JLL arranged the debt financing for the acquisition with TPG Real Estate Finance Trust (NYSE: TRTX) as the lender. The seller was represented by The Mogharebi Group's investment sales team led by Mark Bonas. Apartment Management Consultants will provide property management services and SD-CAP will provide construction management.

The purchase of Old River Place comes on the heels of five previous 2024 acquisitions made by Bascom. Bascom remains highly active pursuing new acquisitions throughout the United States and intends to continue portfolio expansion through year-end.

Bascom has been one of the most active apartment buyers in California and the Central Valley partnering with institutional and private capital. Prior to purchasing Old River Place, Bascom had acquired 130 multifamily properties and 20,773 units in California, with 25 of those properties and 3,619 units located in the Central Valley. Over the past six months, Bascom has completed roughly $265 million in multifamily acquisitions nationwide.

Joe Ferguson, Acquisition Manager for Bascom, states "Old River Place is a uniquely well-constructed build to rent community in the affluent area of Southwest Bakersfield. Each unit at the property has an attached two-car garage and dedicated outdoor space. Old River Place adds another well-located, recently built asset to the Bascom portfolio that should perform well in a market that needs housing. The high-interest rate environment and the resulting increased monthly mortgage payment has only added to the desirability of these build to rent communities. The Bakersfield market continues to demonstrate attractive multifamily fundamentals, and we are excited to strengthen our footprint in one of California's fastest growing regions."

Located within the desirable Southwest submarket of Bakersfield, Old River Place offers residents a low-density single-family residential style community with an attractive unit mix of two- and three-bedroom units. The property is adjacent to affluent Bakersfield neighborhoods such as Seven Oaks and Hagan Oaks, provides residents easy access to retailers like Sprouts, Trader Joe, Lululemon, and Target, and accessibility to major employment drivers such as Cal State Bakersfield and Dignity Health - Mercy Hospital.

Bascom's Lee Nguyen, Senior Vice President of Portfolio Operations, adds, "Old River Place has been well-maintained while demonstrating consistent rental demand. As part of our strategic renovation program, Bascom intends to upgrade unit interiors with new appliances, countertops, backsplash, cabinetry, as well as enhancing the property's exteriors and community amenities. All of the units remain in a classic or original condition, giving our operations team considerable room to add desirable elements while providing residents an affordable housing option in a well located, highly desirable rental community."

Bakersfield has been one of California's best-performing apartment markets, highlighted by consistent occupancies above 95%. The strong fundamentals have been driven by limited new supply, high population growth (no large California city has grown more than Bakersfield over the last five years), and a diversifying economy. The city serves as a hub for various industries including agriculture, healthcare, energy, manufacturing, and a growing logistics industry. Bakersfield's central location in California's San Joaquin Valley makes it a key transportation hub. It's well-positioned along major highways like Interstate 5 and State Route 99, facilitating efficient movement of goods between Northern and Southern California, as well as connecting to other states. As a result, major businesses continue to invest in Bakerfield for future growth. Notably, Tesla has plans to build the world's largest supercharger station and Wonderful Co. recently announced a major expansion of their industrial park, which is projected to support 50,000 jobs.

About Bascom:

Bascom is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties, including many through foreclosure, bankruptcy, or short sales, and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through the implementation of institutional-quality property management. Bascom, founded by principals Derek Chen, Jerry Fink, and David Kim, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $22.0 billion in multifamily value-added transactions encompassing 358 multifamily properties and over 105,000 units. Bascom's commercial transaction volume is $5.8 billion in total and amounts to over 23.4 million square feet. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries, and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, and Realm Group. Bascom's subsidiaries also include Premier Workspaces, one of the largest privately held executive suite, coworking, and shared workspace companies in the U.S.

For additional information, please visit www.bascomgroup.com [http://www.bascomgroup.com/].

Media Contact
Company Name: The Bascom Group, LLC
Contact Person: Joe Ferguson
Email:Send Email [https://www.abnewswire.com/email_contact_us.php?pr=bascom-group-acquires-249unit-build-to-rent-multifamily-property-in-premier-bakersfield-submarket-for-566-million]
Address:7 Corporate Park, Suite 100
City: Irvine
State: CA 92606
Country: United States
Website: https://bascomgroup.com/



This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Bascom Group Acquires 249-Unit Build to Rent Multifamily Property in Premier Bakersfield Submarket for $56.6 Million here

News-ID: 3639728 • Views:

More Releases from ABNewswire

Property Investors Turn to Granny Flats to Lift Rental Yields on the Sunshine Coast
Property Investors Turn to Granny Flats to Lift Rental Yields on the Sunshine Co …
Property investors on the Sunshine Coast are increasingly adding second dwellings and granny flats to existing homes to improve rental yield and long-term asset performance. Environmental Building Designs says careful planning and council-aware design is key to maximising returns without overcapitalising. SUNSHINE COAST, QLD - Property investors across the Sunshine Coast are increasingly using second dwellings and granny flats as a way to improve rental yield and maximise the performance of
Brandon Lake 2026 Concert Tickets: Lowest Prices + Exclusive Promo Code CITY10 for Instant Savings at CapitalCityTickets.com
Brandon Lake 2026 Concert Tickets: Lowest Prices + Exclusive Promo Code CITY10 f …
Get the lowest prices on Brandon Lake 2026 concert tickets at CapitalCityTickets.com! Experience powerful worship music and an unforgettable live performance while saving big with exclusive promo code CITY10. Secure your seats today for instant savings and don't miss your chance to see Brandon Lake live in concert in 2026. Tickets are selling fast-lock in your discount now and enjoy an inspiring night of music. Worship music sensation Brandon Lake [https://www.capitalcitytickets.com/Brandon-Lake-Tickets]
2026 Bob Dylan Tickets Discounted - Promo Code CITY10 for the Lowest Prices on the Rough and Rowdy Ways Tour at CapitalCityTickets.com
2026 Bob Dylan Tickets Discounted - Promo Code CITY10 for the Lowest Prices on t …
Don't miss Bob Dylan live in 2026! Get discounted tickets for the Rough and Rowdy Ways Tour at CapitalCityTickets.com using promo code CITY10. Secure your spot for an unforgettable night of iconic music, legendary performances, and timeless hits-all at the lowest prices available. Act fast to maximize savings and experience one of music's greatest legends live in concert. Bob Dylan's legendary Rough and Rowdy Ways Tour [https://www.capitalcitytickets.com/Bob-Dylan-Tickets] continues into 2026 with
Infinite's B2B Lead Generation for Fintech Produces 163 Warm Leads for BridgerPay
Infinite's B2B Lead Generation for Fintech Produces 163 Warm Leads for BridgerPa …
B2B lead generation agency Infinite generated 163 warm leads for fintech company BridgerPay in 6 months, achieving a 62% conversion rate to qualified opportunities and $62 cost per lead through targeted LinkedIn and email outreach to 4,676 payment decision-makers. HERZLIYA, Israel - February 7, 2026 - Infinite, a B2B lead generation agency specializing in LinkedIn and email outreach, generated 163 warm leads for BridgerPay's Payment Operations Platform in a six-month campaign

All 5 Releases


More Releases for Bascom

Bascom Northwest Ventures Sells Tempo at Riverpark Apartments to Hines Affiliate …
Denver, Colorado - January 27, 2026 - Bascom Northwest Ventures, LLC ("Bascom Northwest") is pleased to announce the sale of Tempo at Riverpark Apartments. The 235-unit property was sold by a Bascom affiliated venture for $105,000,000 to a venture led by Hines. Tempo at Riverpark is located less than a mile from the Pacific Ocean in Oxnard, California and just outside Los Angeles. Bascom Value Added Apartment Investors Fund IV
Bascom Arizona Ventures Acquires Tucson Multifamily Property for $53.4 Million
Image: https://www.globalnewslines.com/uploads/2026/01/1768058621.jpg Bascom Arizona Ventures expands its multifamily portfolio with 304-unit Tucson property, planning strategic upgrades to enhance resident experience and long-term value. TUCSON, Arizona - January 13, 2026 - Bascom Arizona Ventures, LLC (BAZV), an affiliate of Irvine, California-based private equity firm The Bascom Group, LLC (Bascom) [https://bascomgroup.com/], has acquired the Retreat at Speedway, a 304-unit multifamily property in Tucson, Arizona, for $53.4 million, or $175,658 per unit. As noted by
Bascom Acquires Retreat At Speedway Apartments In Tucson For $53.4 Million
Image: https://www.abnewswire.com/upload/2026/01/336f60405d6a64b21b2547853a46fd27.jpg TUCSON, Arizona - January 13, 2026 - Bascom Arizona Ventures, LLC (BAZV), an affiliate of Irvine, California-based private equity firm The Bascom Group, LLC (Bascom), acquired the Retreat at Speedway, a 304-unit multifamily property located in Tucson, Arizona for $53.4 million or $175,658 per unit. The property was acquired by Bascom's current fund offering, Bascom Value Added Apartment Investors VI, LLC. Constructed in 2001 and positioned along Speedway Boulevard against
Bascom Group Hires Lee & Associates To Market Prime Downtown Long Beach Ground F …
Image: https://www.abnewswire.com/upload/2025/03/f92cd37e449d63f0c8439aeab2a65d5c.jpg Irvine, California - March 24, 2025 - The Bascom Group, LLC has retained industry veterans Noel Aguirre and Sean Lieppman of Lee & Associates to market and lease a 4,100 square feet ground floor space at 200 Pine Avenue in Long Beach, California. Ideally located in the prime downtown area, the space features an adjoining 3,865 square feet lower-level space. This retail and restaurant space with patio capability is
Agrochemicals Market Growth | Trends, Size & Forecast 2024-2031 | J.M Smucker, M …
Agrochemicals Market report, published by DataM Intelligence, provides in-depth insights and analysis on key market trends, growth opportunities, and emerging challenges. Committed to delivering actionable intelligence, DataM Intelligence empowers businesses to make informed decisions and stay ahead of the competition. Through a combination of qualitative and quantitative research methods, it offers comprehensive reports that help clients navigate complex market landscapes, drive strategic growth, and seize new opportunities in an ever-evolving
Gas Detection Equipment Market Past Research, Deep Analysis and Present Data Wit …
Gas detection can detect the presence of hazardous gases in the environment and sound an alarm, reducing the risk of an accident. Many businesses are investing in the market to boost revenue. Increasing efficiency in almost all sectors is a critical component of market expansion. The market is being driven by the growing demand for gas detection equipment in the oil and gas industry for applications such as emergency response, fracking,