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| 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.
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| 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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