Friday, January 18, 2013

Raintree Partners Acquires 392-Unit Luxury Apartment Community in Los Angeles for $77 Million


  
The Plaza at Sherman Oaks,
Los Angeles, CA
 LOS ANGELES, CA  (Jan. 18, 2013) – Raintree Partners, a Laguna Niguel, Calif.-based real estate investment and development company, has completed the $77 million acquisition of The Plaza at Sherman Oaks, a 392-unit luxury apartment community located in Los Angeles, Calif.

Marc Renard of Cushman & Wakefield represented both the buyer and the seller in the transaction. Financing for the acquisition was secured by Troy Tegeler of CBRE, and provided by Freddie Mac.

This acquisition brings Raintree’s holdings in California to 17 multifamily communities, consisting of approximately 2,800 units, according to Jeff Allen, CEO of Raintree Partners.

Jeff Allen
“This community is one of the largest and most accessible properties in the very supply constrained Sherman Oaks rental market,” Allen explained.  “We moved quickly to acquire this property, which is located in a densely populated area near many of the film studios.”

The Plaza at Sherman Oaks is located at 4500 Woodlman Avenue in the city of Sherman Oaks. The property contains 392-units located within eight, three-story buildings including studio, one- and two-bedroom units, as well as 20 three-story townhome villas.

For a complete copy of the company’s news release, please contact:

Corynne Randel / Jenn Quader
Brower, Miller & Cole
(949) 955-7940



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