These are going to be my first self managed units, but my intention is to continue adding units in parallel with development projects. 

And a lot of this is fueled by the money they saw others make when rates are low, and the thought that inflation will continue and they will never be able to own a house. 

The acquisition was financed by JLL and TPG Real Estate Finance Trust, with The Mogharebi Group representing the seller.Bascom’s continued investment in the region underscores its commitment to growing its multifamily portfolio, especially in fast-growing markets like Bakersfield.

Quote from @Scott Revey: I don't know who advised you up front, but you should have continued making your payments through closing.

Equally important are looking in areas where the municipalities have ALREADY approved of them and provide benefits to the continued development of them.

A good broker can create a narrative or story to help sell the building, but as debt continues to pull back, in my opinion, it will be more challenging to finance.Gino

If you think this is going to continue to be a big issue, then just buy housing anywhere. 

Congrats Richard, and continue investing.

Also, consider that home values will continue to decline at least until Jan/Feb of 2025 before there is any rebound heading in the Spring. 

It has happened for hundreds of years, and will continue to happen, as long as there are boom and bust cycles.