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| Kristen Croxton |
LOS ANGELES, CA (Jan. 21, 2015) – Raintree Partners, a Laguna Niguel, Calif.-based
real estate investment and development company, has completed the acquisition
of a five property multifamily portfolio totaling 327 units and located in A
locations within Los Angeles County, Calif., according to Jeff Allen, CEO of
Raintree Partners.
The acquisition includes Pico Lanai Apartments, a 174-unit
community in Santa Monica, Calif., and the Westwood Apartments, a portfolio of
four properties totaling 153 units, located in the Westwood Village area of Los
Angeles, adjacent to UCLA.
Greg Reed and Kristen Croxton of Capital One
Multifamily Finance arranged Fannie Mae loans on the entire portfolio.
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| Greg Reed |
“This portfolio acquisition is in line with Raintree
Partners’ investment strategy of acquiring infill, urban properties, with ample
value-add opportunity, in great locations in
the Los Angeles market,” explained Allen.
“This latest acquisition adds to our
growing Southern California property portfolio, which now includes 21
multifamily communities, eight of which were purchased within the last 10
months.”
In addition to the recently acquired five property
portfolio, Raintree Partners acquired three additional apartment communities in
Los Angeles in 2014, these acquisitions include:
· Coldwater
Canyon, a 39-unit property in Studio City, Calif. acquired in September 2014.
· 5119
Maplewood, a 60-unit property in Hancock Park, Calif. acquired in April 2014.
· 5015
Clinton, a 50-unit property in Hancock Park, Calif. acquired in April 2014.
Raintree’s Director of Acquisitions, Aaron Hancock,
explains, “The acquisition of these five properties in addition to the three
acquired earlier in the year represents the continued rollout of our investment
strategy, which targets smaller properties in A locations within Los Angeles
that can be clustered over time.
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| Pico Lanai Apartments, Santa Monica, CA |
“As we gain critical mass in these targeted sub-markets, we
will be able to achieve management efficiencies which should lead to higher returns
than investing in larger properties in the same sub-markets, which tend to
trade at more aggressive cap rates.”
For a complete
copy of the company’s news release, please contact:
Amanda Brenner / Judith Brower
Brower, Miller & Cole
(949) 955-7940
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