Raintree grows its multifamily portfolio near Glendale

The developer’s latest apartment complex purchase is its 8th in the submarket that includes La Crescenta

Dec.December 17, 2019 02:28 PM
Aaron Hancock, Raintree Partners’ managing director and The Summit at La Crescenta apartment complex
Aaron Hancock, Raintree Partners’ managing director and The Summit at La Crescenta apartment complex

Raintree Partners has acquired a 92-unit apartment complex in the wealthy enclave of La Crescenta-Montrose, as it continues to expand its multifamily portfolio in the Glendale submarket.

The Orange County-based developer paid $34.5 million for the 55-year-old Summit at La Crescenta, at 3250 Fairesta St., the firm announced.

The purchase is Raintree’s eighth in the Glendale and La Crescenta submarket, totaling 323 units and $114 million. Raintree managing director Aaron Hancock said the firm intends to keep buying in that area.

The seller was a joint venture between Stockbridge Capital and NNC Apartment Ventures.

Brokers Kevin Green, Joe Grabiec and Greg Harris with Institutional Property Advisors — a division of Marcus & Millichap — represented the buyer and seller.

The deal penciled out to $375,272 per unit. Spread across 3.75 acres, the property is in the tony community is bordered by Glendale, La Cañada Flintridge and Angeles National Forest.

The rental market vacancy rate in the unincorporated community of La Crescenta-Montrose is just 1 percent, according to Green, of Institutional Property Advisors. There are only five buildings with more than 50 units each, he said.

In June, Raintree paid $79 million for a seven-property, 231-unit multifamily portfolio in the Glendale submarket. 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.

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