Raintree Spends $100 Million for Ventura Apartments

Raintree Partners has picked up an apartment complex in Ventura County for $100 million.

The Dana Point-based real estate investment company bought Cypress Point, a 268-unit multifamily property in Ventura, from County Center in a deal that works out to about $373,130 per unit, L.A. Business First reported. County Center developed the property in 1990 and has owned it in the three and a half decades since then.

The property consists of 28 two-story buildings spread across 14 acres. Amenities include a fitness center, clubhouse, swimming pool, two spas and a barbecue and picnic area.

Cypress Point is one of four multifamily communities in Ventura with more than 250 units to sell in the past decade, per the Mercury News. The property’s average occupancy over the last five years was more than 97 percent. That figure aligns with the general Ventura multifamily market, which ended the second quarter with an occupancy rate of 96.9 percent, up half a point from the first quarter, according to a CBRE report.

Other multifamily properties in the Greater Los Angeles region have been trading hands in recent months. Just this week, Meta Housing Corporation sold the 141-unit Burbank Senior Artists’ Colony to a private investor for $31.5 million. The affordable housing developer sold another mixed-income senior living property in Tustin, the 240-unit Coventry Court, in July for $80 million.

Earlier this month, an unnamed Newport Beach investor bought a 210-unit apartment community in Santa Ana in a $43 million transaction that included an adjacent gas station going to another investor. A few weeks prior, in the Inland Empire, New York-based Sentinel Real Estate Corporation bought The Venue at Orange complex in Redlands from San Diego-based LuxView Properties for $148.4 million; LuxView completed that development in 2023 and offloaded it for about $452,400 per unit.

In the heart of Hollywood, a 280-unit mixed-use building on Hollywood Boulevard sold to Grubb Properties and PCCP last month for $98.4 million. The former Vanbarton Group property at 5550 Hollywood Boulevard went for about $351,000 per unit and has more than 12,000 square feet of ground-floor retail.

Last month, Concord Capital Partners paid $79 million to two sellers in separate deals for five historic properties in Hollywood, Koreatown and Westlake. The portfolio of historic buildings includes 537 units.— Chris Malone Méndez