|
1/22/15
|
Raintree Partners has purchased a five-property multifamily portfolio totaling 327 units and located in desirable Los Angeles County markets. The acquisition includes Pico Lanai Apartments, a 174-unit community in Santa Monica, and the Westwood Apartments, a portfolio of four properties totaling 153 units, located in the Westwood Village area of Los Angeles, adjacent to UCLA.
Pico Lanai Apartments, Santa Monica |
|
|
Pico Lanai Apartments is a 174-unit multifamily community located minutes from the beach in the city of Santa Monica. Raintree Partners will invest $4.1 mil ($23.5k/unit) to completely renovate and modernize the exterior and common areas of the 1960’s constructed property.
The unit interiors were previously upgraded over the last decade. As a result, Raintree will perform only minor unit upgrades, which will include new quartz countertops and wood grain plank vinyl floors.
Curtis Palmer, Peter Sherman, Laurie Lustig-Bower and Kadie Presley Wilson of CBRE represented the seller in this transaction. Raintree Partners, based in Laguna Niguel, represented itself.
Westwood Apartments is a four-building multifamily portfolio totaling 153 units, located in the Westwood Village area of L.A. The Westwood Apartments are located across the street from the UCLA campus and capitalize on the area’s perpetual supply/demand imbalance. Historical occupancy in the sub-market exceeds 98%.
Raintree Partners will invest $3.7 mil ($24k/unit) for a complete renovation of the four properties, focusing on unit interior upgrades. Upgrades will include quartz countertops, wood grain plank vinyl floors, stainless steel appliances, new cabinets, new plumbing and new light fixtures.
Raintree will also upgrade the community’s common areas including new hallway treatments, a new leasing office and lobby and amenity upgrades. Exterior improvements will include new signage, paint, and exterior treatments.
Gregory S. Harris, Ronald Z. Harris, Kevin H. Green, Joseph V. Grabiec, Paul H. Darrow, and Michael J. Disimone of Institutional Property Advisors represented the seller in this transaction. Raintree Partners represented itself.
Greg Reed and Kristen Croxton of Capital One Multifamily Finance arranged Fannie Mae loans on the entire portfolio.
“This portfolio acquisition is in line with Raintree Partners’ investment strategy of acquiring infill, urban properties, with ample value-add opportunity, in great locations in the Los Angeles market,” explained Jeff Allen, CEO of Raintree Partners. “This latest acquisition adds to our growing Southern California property portfolio, which now includes 21 multifamily communities, eight of which were purchased within the last 10 months.”
In addition to the recently acquired portfolio, Raintree Partners bought three other apartment communities in Los Angeles in 2014. These acquisitions include:
• Coldwater Canyon, a 39-unit property in Studio City, acquired in September 2014.
• 5119 Maplewood, a 60-unit property in Hancock Park, acquired in April 2014.
• 5015 Clinton, a 50-unit property in Hancock Park, acquired in April 2014.
|
|
Return to the Archive page
|
|
|
|
|