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VENTURA COUNTY NEWS
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Raintree Partners Spends $60 Mil on Ventura County Multifamily Asset

11/29/12

In an institutional-quality, multifamily buy from Ventura County, Raintree Partners has acquired Archstone Ventura Colony, a 272-unit multifamily community located just off of the 101 Fwy in the coastal community of Ventura. The sales price of $60 mil equates to $220.7k/unit.

“We were particularly attracted to this investment opportunity as it is the best- located apartment property in the city of Ventura,” explains Jeff Allen, CEO of Raintree Partners. “It is within walking distance of high-end retail, a block from the entrance to the 101 Freeway (Highway 101), and less than a mile from the major employment centers in Ventura. In addition, it has high visibility and good drive-by traffic along Telegraph Road.”

Built in 1988, the multifamily community is situated on 12.17 acres at 848 Weber Circle. It is ideally located near the intersection of Highways 101 and 126. Additionally, the property is located within walking distance from a high-end retail center that includes such tenants as a Barnes & Noble, Panera Bread and Starbucks. The asset is less than a mile from Ventura County’s government offices.

The property’s common area amenities include two swimming pools and spas, a fitness center, a tennis court, a screening room and a business center. Unit amenities include fully furnished kitchens with tile countertops, private patios and large walk-in closets.

While the acquisition represents Raintree’s initial foray into Ventura County, it brings the firm’s portfolio in California to 16 properties and over 2,300 units. Ron Harris, an executive vice president investments, and Joseph Smolen, director, with Institutional Property Advisors represented the seller, Archstone, as well as Raintree Partners. Financing was provided by Fannie Mae and arranged by Greg Reed and Kristen Croxton of Beech Street Capital.

Raintree plans to implement a renovation program of unit interiors, according to Aaron Hancock, director of acquisitions for Raintree Partners. “The amenities, common areas and exterior of the property are fantastic,” explained Hancock. “The plan is to execute a renovation of the kitchens and bathrooms and install washers and dryers to modernize the unit interiors and bring them to a level consistent with the exterior.”





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