Raintree Partners Acquires Five Multifamily Properties in Southern California for $142M
ORANGE COUNTY, CALIF. — Orange County-based Raintree Partners has purchased a portfolio of five multifamily communities in Southern California from a private seller for $142 million. Totaling 551 units, the properties are located in four submarkets: Glendale, Hollywood and Canoga Park in Los Angeles County, and Camarillo in Ventura County.
Raintree plans to implement a value-add renovation plan across the four Los Angeles County properties, which will include intensive upgrades to exteriors, amenity areas and unit interiors. Additionally, the firm plans to complete a light refresh at the Camarillo asset.
The portfolio includes:
- Mountain View Apartments, a 106-unit community at 659 Las Posas Road in Camarillo
- Imperial Manor Remmet & Strathern Apartments, a 64-unit property located at 8101-811 Remmet Ave. and 21601-21609 Strathern St. in Canoga Park
- Perigee Apartments, a 200-unit asset located at 21041 Parthenia St. in Canoga Park
- Imperial Crest Apartments, a 44-unit complex at 1120-1124 Thompson Ave. in Glendale
- Canyon Drive Manor Apartments, a 137-unit community located at 1738 N. Canyon Drive in Hollywood
Dean Zander, Stewart Weston and John Montakab of CBRE represented the seller in the deal. Greg Reed and Kristen Croxton of Capital One arranged financing, which Fannie Mae provided.