BAKERSFIELD, Calif.--(BUSINESS WIRE)--The Mogharebi Group, (“TMG”) has completed the sale of Village at Lakeside, a 136-unit affordable community located at 1718 Panama Lane. The property sold with multiple offers at a price of $11,072,500. Robin Kane, Brendan Kane and Mark Bonas represented the seller, a Central California based investor. The buyer was a private investor based out of Southern California.
“Village at Lakeside is an affordable housing community located in a very desirable location,” said Robin Kane, Senior Vice President of The Mogharebi Group. “As a result, there was a high level of interested buyers for this asset. Through our proprietary 1031 exchange platform that includes a robust network of private high net-worth and exchange buyers, we were able to drive the value and successfully close within 2% of the asking price.”
Built in 1985, Village at Lakeside is a two story, 136-unit apartment community that is located on 1718 Panama Lane in Bakersfield. The property comprises twelve residential buildings totaling 89,296 rentable square feet. The complex is situated on a 4.95-acre site. The apartment homes feature spacious studio, one and two-bedroom floor plans. The property boasts a swimming pool with spa, laundry facility, outdoor picnic areas with BBQ, leasing office and covered parking.
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.