Raintree Acquires SoCal Apartment Property
Ventura, Calif.—Raintree Partners has acquired Archstone Ventura Colony, a 272-unit multifamily property in Ventura. The company paid about $60 million, or $220,680 per unit.
Raintree plans to implement a renovation program of unit interiors, according to Aaron Hancock, director of acquisitions for Raintree Partners. The plan is to execute a renovation of the kitchens and bathrooms and install washers and dryers to modernize the unit interiors.
International Property Advisors, a division of Marcus & Millichap, brokered the sale. Fannie Mae provided financing for the deal, which was arranged by Greg Reed and Kristen Croxton of Beech Street Capital.
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.