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The Real Deal Los Angeles

Raintree Partners advances with plan for 407 residential units in Long Beach

The developments will include more than 15K sf of retail space
October 03, 2018 09:00AM

Raintree Development CEO Jeffrey B. Allen and a rendering of the Inkwell project

Raintree Partners is moving ahead with two large residential projects in downtown Long Beach.

The city will consider a pair of proposals a few blocks from each other, totaling 407 apartments and 17,300 square feet of retail space, according to Urbanize. Both would replace existing parking lots.

The first project at 127-135 East Broadway is dubbed Inkwell. The 189-unit complex has 10,000 square feet of retail along with parking for 257 vehicles. Units will be a mix of studio, one-, two- and three-bedrooms. The eight-story building would replace a parking lot at the corner of North Tribune Court. It is expected to be approved.

Raintree’s second project, called Aster, is slated for 125 Long Beach Boulevard.

Aster is similarly scaled but with more residential units and less retail space: 218 apartments and 7,300 square feet of ground floor retail. Raintree plans for 312 parking spaces.

Raintree’s’ last big deal was the $40.7 million purchase of 112-unit Tamarind Terrace building in Hollywood. Raintree purchased the property from Sikand Properties as part of a portfolio selloff.

Raintree is the second developer to make a move on a parking lot development in recent weeks. South Park Group is planning a 97-unit residential project at 1112-1130 Locust Avenue. Plus Development is also planning a 120-unit complex to replace retail space on a neighboring lot.

There’s also plenty of trades for existing multifamily stock going in Long Beach. IMT Residential recorded the priciest multifamily purchase there in July when it scooped up a 291-unit complex for $123.4 million. Not long before, HFH Ltd. paid around $400,000 per unit for a garden apartment complex. [Urbanize] – Dennis Lynch