Four out of five of the properties, which total 551 units, are located in the North Los Angeles region. The five properties are Mountain View Apartments, a 106-unit development at 659 Las Posas Road in Camarillo; Imperial Manor Remmet & Strathern Apartments, a 64-unit complex at 8101-8111 Remmet Ave. and 21601-21609 Strathern St. in Canoga Park; Perigee Apartments, a 200-unit asset at 21041 Parthenia St. in Canoga Park; and Imperial Crest Apartments, a 44-unit community at 1120-1124 Thompson Ave. in Glendale.
The fifth multifamily property is located in Hollywood.
The acquisition is aligned with Raintree’s investment strategy to assemble portfolios of multifamily properties in strategic submarkets in urban California locations, according to Mathew Barbiasz, vice president of acquisitions.
“This was an incredibly rare opportunity to acquire a multifamily portfolio of this size with strong upside potential within the Los Angeles and Ventura markets,” Barbiasz said in a statement. “After navigating the turbulence and uncertainty of this year and continuing to strategically identify and evaluate opportunities, we were well-positioned to acquire this complete portfolio of properties.”
Raintree Managing Director Aaron Hancock said: “These five communities fit in seamlessly with our existing multifamily holdings, with the Glendale, Hollywood and Camarillo assets complementing our holdings in those submarkets. This purchase also allows us to enter Canoga Park with two properties totaling 264 units, immediately achieving scale in the submarket. Our proven strategy of amassing economies of scale in strong California submarkets, which offer residents the convenience of urban living with close proximity to ample and diverse employment, has allowed us to optimize management efficiency and maintain robust portfolios.”
Barbiasz added that this transaction represents Raintree’s third multifamily portfolio acquisition within the past 18 months. Three properties in the Bay Area submarket of Walnut Creek, totaling 176 units, were acquired in April. Last year, the firm purchased seven properties in Glendale totaling 231 units.
CBRE’s Dean Zander, Stewart Weston and John Montakab represented the private seller in the transaction. Financing came courtesy of Fannie Mae and was arranged by Capital One’s Greg Reed and Kristen Croxton.