BAKERSFIELD, Calif.–(BUSINESS WIRE)–#Apartments–The Mogharebi Group (“TMG”) has completed the sale of Pine Brook Apartments, a 240-unit apartment community located in California’s Central Valley. Mark Bonas of The Mogharebi Group represented the seller, a longtime owner based in Southern California. The buyer was a private capital investor based in Northern California. The property sold for $22,000,000 and generated multiple offers.
“Due to the size of the property, attractive unit mix and long term ownership, Pine Brook Apartments presented a true, value-add opportunity that garnered a great deal of interest,” said Mark Bonas, Senior Vice President of The Mogharebi Group. “Through our proprietary 1031 exchange platform which includes a robust network of private, high net-worth and exchange buyers, we were able to drive the value and successfully close.”
Built on a 9.19-acre site in 1971, Pine Brook Apartments is located at 5000 Belle Terrace in Bakersfield. The community has great exposure on their fronting roads and is within a 30- to 60-minute commute to over 308,600 jobs. Pine Brook features an attractive array of community amenities, including two sparkling swimming pools and spas, state of the art fitness center, garages, covered parking, leasing center, community clubhouse, outdoor BBQ stations and laundry facilities. Pine Brook is walking distance to West High, James Curran Middle and Munsey Elementary Schools. It is also near numerous shopping destinations including Bakersfield Plaza, Valley Plaza, Retail Stores, and restaurants.
About The Mogharebi Group (TMG): The Mogharebi Group is a brokerage firm specializing in the multifamily property sector throughout California. With unrivaled local knowledge, an extensive global network of top real estate investors, state of the art technology, and direct access to capital, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.
For more information visit: Mogharebi.com