Raintree Partners spends $79M on Glendale multifamily portfolio

Combined, the seven properties include 231 units

Los Angeles /
Jun.June 05, 2019 03:00 PM
Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)
Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)

A multifamily developer based in Orange County is making a big bet on Glendale.

Raintree Partners has paid $79 million to acquire a seven-property multifamily portfolio in the region, according to a company announcement released Wednesday.

Property records reveal the seller of the portfolio was Myrna Frame, a Redondo Beach resident who sold the properties through various LLCs.

The portfolio includes 231 units, which will be rebranded as “The Indie Collection” once Raintree completes its improvements on the buildings. Plans call for upgrading the exteriors and amenity areas, as well as other maintenance, Raintree said in the statement.

The largest property in the portfolio is an 80-unit complex at 1435 Stanley Avenue, which records show traded for $50 million on May 13. Its second largest purchase is a 52-unit apartment building, dubbed Justin Oaks Apartments, at 1133 Justin Avenue.

Also included in the portfolio is an eight-unit building on North Everett Street, a 14-unit building on Wilson Avenue, a 33-unit property on Chestnut Street, a 22-unit building on North Columbus Avenue and a 20-unit structure at Burchett Street.

The Los Angeles Business Journal first reported Raintree’s purchase.

The Dana Point-based firm, led by CEO Jeffrey Allen, is also working on two ground-up multifamily developments in Long Beach. Just a few blocks from each other, the projects would include 407 apartments and 17,300 square feet of retail space total.


Related Articles

arrow_forward_ios
(iStock)
LA County sued over commercial eviction moratorium
LA County sued over commercial eviction moratorium
The future of San Francisco’s Oceanwide Center is up in the air again (Getty, Foster and Partners)
Contractors pull out as Oceanwide Center sale falls through again
Contractors pull out as Oceanwide Center sale falls through again
Granite CEO Michael Dardick and Industrious CEO Jamie Hodari
Industrious partners with landlords to offer tenants satellite workplaces
Industrious partners with landlords to offer tenants satellite workplaces
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske
Northwestern Mutual picks up Santa Monica office campus for $166M
Northwestern Mutual picks up Santa Monica office campus for $166M
Prop 15 property tax measure draws millions (Credit: iStock)
Prop 15 property tax measure draws millions of dollars from for and against campaigns
Prop 15 property tax measure draws millions of dollars from for and against campaigns
California is allowing barbershops and salons to reopen under new coronavirus mitigation guidelines (Credit: Noam Galai/Getty Images)
California allows barbershops to reopen, but LA holds back
California allows barbershops to reopen, but LA holds back
LA County assessor Jeffrey Prang
LA County properties valued at nearly $2 trillion…before pandemic
LA County properties valued at nearly $2 trillion…before pandemic
First District Supervisor Hilda Solis (Credit: Rebecca Sapp/Getty Images)
LA County select reopening target date for restaurants and retailers
LA County select reopening target date for restaurants and retailers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...