Central Valley Offers High Yields and Leverage

Both assets sold this summer for a combined price of about $25 million or 96% of asking.

BAKERSFIELD, CA—Autumn Glen and Serena Vista, comprising a total of 250 units, were the last two Bakersfield properties in the Bascom Group portfolio. Both assets sold this summer for a combined price of about $25 million, representing 96% of the asking price and below replacement cost.

Mark Bonas, who recently joined The Mogharebi Group as senior vice president, represented the Bascom Group in the disposition of all six of the total Bakersfield assets. After the sale was finalized, Otto Ozen, executive vice president at The Mogharebi Group, offered added insight into the Central Valley market in this exclusive.