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September 15, 2019
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LOS ANGELES COUNTY NEWS
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Raintree Partners Spends $79 Mil on Glendale Multifamily Portfolio

6/06/19

Raintree Partners has acquired a portfolio of seven multifamily properties totaling 231 units located in the Los Angeles submarket of Glendale for $79 mil, or $342k/unit. The acquisition is aligned with the firm’s investment strategy to assemble portfolios of smaller multifamily properties in submarkets of Los Angeles and other urban California locations, according to Ian Couwenberg, Director of Acquisitions for Raintree Partners.

Raintree plans to implement a comprehensive value-add renovation plan across the portfolio, which will include addressing deferred maintenance; upgrading exteriors, amenity areas, and unit interiors; and installing new washer-dryers at select properties. In conjunction with the upgrades, the firm will rebrand and operate the seven properties as The Indie Collection, establishing a strong identity within the local community and enhancing resident appeal.

The seven Glendale multifamily properties were acquired from a single private seller who had owned the assets for over many years. The properties include:

• Stanley Oaks Apartments, an 80-unit community located at 1435 Stanley Ave
• Everett Apartments, an 8-unit community located at 138 N. Everett St
• Wilson Apartments, a 14-unit community located at 1458-1462 E. Wilson Ave
• Justin Oaks Apartments, a 54-unit community located at 1133 Justin Ave
• Chestnut Apartments, a 33-unit community located at 120 W. Chestnut St
• Galleria Pointe Apartments, a 22-unit community located at 1140 N. Columbus Ave
• Burchett Apartments, a 20-unit community located at 314-320 W. Burchett St

Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller in the transaction. Wells Fargo provided the acquisition financing.





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