News & Views

News & Views

Apartment Complex Sale Sets New Record for Per-Unit Price

Jun. 18, 2019
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The sale of an apartment complex in southwest Bakersfield has set a record for the highest price paid, per unit, for a multi-family residential property in the city.

Sold recently for $22.5 million — a per-unit price of $197,500 — Mira Sol Gardens is a one-story, 114-unit complex spread over 11½ acres just south of Panama Lane along Gasol Court, Jerno Drive and Callado Lane.

“We can attribute this higher value to several factors, including a lack of available inventory, the high quality of the asset, the overall strength of the Bakersfield apartment market and the anticipated rent growth in the submarket,” stated a news release by Bakersfield’s The Mogharebi Group, which helped represent the seller, locally based LandStone Cos.

TMG’s Mark Bonas and Michael Jordan of Kidder Matthews represented the seller. The buyer, a Newport Beach-based investment group, was not identified in TMG’s news release.