Raintree Partners has picked up a 551-unit apartment portfolio, whose properties stretch across Los Angeles and Ventura counties.
The firm paid $142 million and plans to renovate the units at a cost of $5,000 to $30,000 a unit, according to Commercial Observer. Four of the five properties are in L.A. County; the other is in Ventura County. The deal was pegged at $257,700 per unit. It is Raintree’s third portfolio transaction in the last 18 months, according to the Commercial Observer.
The largest of the complexes is the 137-unit Canyon Drive Manor, at 1738 Canyon Drive in Hollywood.
The sellers were entities managed by Jeffrey and Harry Root. CBRE’s Dean Zander, Stew Weston, and John Montakab represented the sellers.
It is Raintree’s third portfolio transaction in the last 18 months, according to the report. In June 2019, it bought a seven-property portfolio in Glendale for $79 million. In December, Raintree bought a 92-unit complex outside Glendale.
Raintree is also working on residential development projects in Long Beach. [CO] — Dennis Lynch