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.