Raintree grows its multifamily portfolio near Glendale

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

Los Angeles /
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.


Related Articles

arrow_forward_ios
Jeffrey Allen and Canyon Drive Manor apartments (Google Maps, iStock)
Raintree Partners buys 551-unit LA apartment portfolio
Raintree Partners buys 551-unit LA apartment portfolio
Related Fund Mangement’s Managing Principal Justin E. Metz and a rendering of Cross Creek Ranch. (Jay Luchs, Related)
Malibu’s largest commercial project nabs $130M construction loan
Malibu’s largest commercial project nabs $130M construction loan
Pamela Anderson and her house on Malibu Colony Road. (Coldwell Banker Realty, Getty)
Pamela Anderson lists Malibu beach pad, plans move to Canada
Pamela Anderson lists Malibu beach pad, plans move to Canada
(iStock)
SoCal leaders approve ambitious housing plan for future
SoCal leaders approve ambitious housing plan for future
Senior Vice President of Duke Realty, Nancy Shultz. (Google Maps, Duke Realty)
Duke Realty makes industrial buy in City of industry
Duke Realty makes industrial buy in City of industry
Renderings of the Little Tokyo Service Center (KoningEizenberg) 
$275M approved for LA affordable housing projects
$275M approved for LA affordable housing projects
Clarion Partners CEO David Gilbert and Lincoln Property Co.’s David Binswanger with a rendering of the project (Gensler via Urbanize)
Lincoln Property and Clarion plan major office redevelopment
Lincoln Property and Clarion plan major office redevelopment
Knock CEO Sean Black (Getty, iStock)
Knock’s home lending program moves into SoCal’s hot market
Knock’s home lending program moves into SoCal’s hot market
arrow_forward_ios

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

Loading...