Grove Fruitvale LLC And Cottonwood Grove LLC Acquire Multifamily Properties For $61.62M In Bakersfield And Clovis

The transaction involves two multifamily properties located at 4801 Fruitvale Avenue in Bakersfield and 732 North Clovis Avenue in Clovis. The combined sale price of these assets is $61,620,000, with a total of 292 units, equating to a price per unit of $211,027 in the Bakersfield and Clovis markets.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $61,620,000
• Buyer: Grove Fruitvale LLC & Cottonwood Grove LLC
• Seller: Austin Herzog - Ideal Capital Group
• Brokers: Robin Kane & Brendan Kane - Northmarq
• Units: 292
• Price per Unit: $211,027

Northmarq’s Fresno team facilitated the separate sales of The Grove in Bakersfield for $28.25 million and Cottonwood Grove in Clovis for $33.37 million. Both properties were purchased by family office buyers, and the transactions involved loan assumptions from CalHFA.