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

The developments will include more than 15K sf of retail space

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

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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