Raintree Partners Buys Seven-Asset Multifamily Portfolio in California for $79M
GLENDALE, CALIF. — Orange County, Calif.-based Raintree Partners has purchased a seven-property multifamily portfolio in Glendale for $79 million.
Totaling 231 units, the portfolio includes:
- Stanley Oaks Apartments, an 80-unit community located at 1435 Stanley Ave.
- Everett Apartments, an eight-unit community at 138 N. Everett St.
- Wilson Apartments, a 14-unit property located at 1458-1462 E. Wilson Ave.
- Justin Oaks Apartments, a 54-unit asset located at 1133 Justin Ave.
- Chestnut Apartments, a 33-unit property located at 120 W. Chestnut St.
- Galleria Pointe Apartments, a 22-unit community located at 1140 N. Columbus Ave.
- Burchett Apartments, a 20-unit asset at 314-320 W. Burchett St.
Raintree Partners plans to implement a value-add renovation plan across the portfolio. The improvements will include addressing deferred maintenance; upgrading exteriors, amenity areas and unit interiors; and installing new washers and dryers in select properties. Additionally, the Raintree Partners will rebrand and operate the seven properties as The Indie Collection.
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller in the deal. Wells Fargo provided acquisition financing.