The Bascom Group is continuing its buying spree in 2024, and has bought a multifamily residential community, in the submarket of Bakersfield, California for about $56.63 million.
The private equity firm is adding the Old River Place, which features 249 units, to its portfolio. The cost comes out to $227,444 per unit.
In the community, tenants can choose two and three-bedroom options. Also, it is close to major grocers and brands including Sprouts, Trader Joe's, Lululemon, and Target. Additionally, Bascom is planning to make improvements to Old River Place.
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