RAINTREE PARTNERS ACQUIRES TWO LUXURY CONDOMINIUM PROJECTS IN LOS ANGELES FOR $24 MILLION
LOS ANGELES, CA – February 28, 2012 – (RealEstateRama) — Raintree Partners, a Laguna Niguel, Calif.-based real estate investment and development company, has completed the acquisition of two luxury vacant condominium projects, Vista Paradiso and Villa Sofia, totaling 63 units in the county of Los Angeles, Calif. which the firm will, for the time being, hold and manage as condo units to be rented. This $24.2 million acquisition brings Raintree’s holdings in California to 15 multifamily communities, consisting of 2,057 units, according to Jeff Allen, CEO of Raintree Partners.
“These two properties were originally built as for-sale condominiums but never made it to market, and therefore were 100 percent vacant when acquired,” explained Allen. “Our business plan includes the acquisition and ongoing ownership of multifamily properties. In line with this strategy, Raintree will offer these newly acquired condo units for rent as high-end multifamily units.”
Vista Paradiso is a luxury, Class A community built in 2011 and located at 11805 Laurelwood Drive in Studio City, Calif. The property includes 24 units, featuring two- and three-bedroom floor plans, averaging 1,600 square feet, according to Aaron Hancock, Director of Acquisitions for Raintree.
“Vista Paradiso is a particularly strong investment opportunity for our firm. The property features panoramic views of the San Fernando Valley and is one of the few high-end condo properties available for rent south of Ventura Boulevard in Studio City,” Hancock explained. “In fact, Vista Paradiso will be the highest-quality multifamily product available for rent within the San Fernando Valley market today.”
The second property, Villa Sofia, is also a luxury Class A condo project that was constructed in 2011. The property is located at 4470 Woodman Ave. in Sherman Oaks. The 39-unit community is made up of two- and three-bedroom floor plans averaging 1,234 square feet.
Hancock explained, “When combined with our 2011 acquisition of Taiko Village in Burbank, this acquisition brings Raintree’s portfolio of Class A rental condominium properties within this submarket to 106 units.”
Hancock continued, “Because many former homeowners are now renting, and numerous would-be buyers have made the decision to postpone a home purchase, demand for luxury condo properties which are currently available to rent, like Vista Paradiso and Villa Sofia, is strong. We expect that demand for these types of units will increase, and we anticipate that Raintree will acquire additional failed condominiums in the future.”
KW Commercial’s Senior Vice President Hirsch Sherman and Vice President Jared Levine represented Raintree in the acquisition. Daron Campbell, also of KW Commercial, represented the seller.
About Raintree Partners
Raintree Partners, formed by Mr. Allen in 2007, is a private real estate investment company whose objective is to create value through the acquisition, development and redevelopment of multifamily properties in west coast markets, with a particular focus in California. Raintree invests through a partnership with a major institutional investment management company.
Contact:
Corynne Randel / Jenn Quader
Brower, Miller & Cole
(949) 955-7940
CRandel (at) browermillercole (dot) com
