Laguna Niguel-based Raintree Partners has purchased two empty Valley luxury condo complexes for $24.2 million.
The real estate investment and development company said it will rent out the Studio City and Sherman Oaks complexes as high-quality apartments.
The projects, which Raintree acquired from Sherman Oaks-based Aslanian Development,
were both built last year as luxury condominiums, but never made it to market.
Vista Paradiso—located at 11805 Laurelwood Drive in Studio City—consists of 24-units averaging 1,600 square feet, Raintree said. While Villa Sofia—located at 4470 Woodman Ave. in Sherman Oaks—has 39 units averaging 1,234 square feet.
Senior Vice President Hirsch Sherman and Vice President Jared Levine of KW Commercial represented Raintree, while National Director of Apartment Sales Daron Campbell of KW Commercial, represented the seller.
Levine said there is significant demand for such properties from individuals who may have lost their homes but retain a good amount of cash for high-quality rental properties.
“They don’t want to rent a little apartment,” he said. “They want something that feels a little more homely.”
With the acquisition, Raintree said it now holds 15 multifamily communities in California with a total of 2,057 units.