Irvine, California – August 29, 2024 – The Bascom Group, LLC (“Bascom”) has acquired Old River Place, a 249-unit single family residential-style, build to rent multifamily residential property located in the highly desirable Southwest submarket of Bakersfield, California. The purchase price was $ $56,633,500 or $227,444 per unit. Despite the high-interest rate environment and anemic property sale market, the property marks Bascom’s sixth acquisition of 2024 and twenty sixth multifamily acquisition in California’s Central Valley. Annette Rice and Jamie Kline of JLL arranged the debt financing for the acquisition with TPG Real Estate Finance Trust (NYSE: TRTX) as the lender. The seller was represented by The Mogharebi Group’s investment sales team led by Mark Bonas. Apartment Management Consultants will provide property management services and SD-CAP will provide construction management.