Private Investment Group Acquires MultiFamily In Bakersfield For $22.5M
SOLD
$22,500,000
California
See Similar DealsMultiFamily
Sold 06/17/2019
SOLD
Private Investment Group Acquires MultiFamily In Bakersfield For $22.5M
6600 Gasol Court, Bakersfield, CA, 93...
See Similar DealsMultiFamily
Sold 06/17/2019
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale
The apartment community known as Mira Sol Gardens, located in Bakersfield, has been sold by LandStone Cos to a private investment group based in Newport Beach for $22.5 million. The property consists of 114 units with modernized interiors, attached two-car garages, and water-saving landscaping. Situated on 11.4 acres in the Far Southwest submarket, the apartments offer a mix of two- and three-bedroom floorplans on Gasol Court, Jerno Drive, and Callado Lane.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $22,500,000.00
- Address: 6600 Gasol Court, Bakersfield, CA, 93...
- Market: Bakersfield
- Seller's Representative: Mark Bonas (The Mogharebi Group), Michael Jordan (Kidder Mathews)
- Buyer: Private Investment Group
Mark Bonas from The Mogharebi Group and Michael Jordan from Kidder Mathews played crucial roles in representing LandStone Cos, the seller, during the transaction of Mira Sol Gardens. The involvement of these professionals highlights the expertise and negotiation skills brought to the deal by the respective brokerage firms.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,200,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$79,937.75
Cash-on-Cash Return-1.27%
Monthly Debt Service$106,661.48
Annual Debt Service$1,279,937.75
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