Raintree Partners Acquired Three Properties in Calif. For $30.6M
- Aug 10, 2010
Pomona, Calif. – Investor and developer Raintree Partners has acquired a portfolio of three multifamily properties located in Claremont and Pomona for $30.6 million from Pacific Property Co.
“Our ability to perform was evidenced by the fact that we were able to complete our due diligence and close three separate loans totaling $23.1 million within approximately one month’s time,” notes Jeffrey B. Allen, CEO of Raintree Partners.
“Pricing on Class A multifamily properties is generally too aggressive for us, so instead we have been seeking out Class B opportunities in good submarkets and found these three properties located in close proximity to one another,” explains Allen. “We were the only buyer who considered them a portfolio and bid on all three as a single acquisition.”
According to Aaron Hancock, Raintree’s director of acquisitions, Raintree Partners plans to invest significant capital into the three properties addressing both interior and exterior upgrades. All three properties are located within two miles of one another, in close proximity to Cable Airport and several universities, representing approximately 11,000 students. Jason Check, development director at Raintree, will be responsible for managing the capital improvement plan for the portfolio.
The first of the three multifamily properties is Southridge Apartments located in Pomona, Calif. This 80-unit property is a two-story walk up with both one- and two-bedroom units and is partially renovated with central air conditioning.
The second property is Springhill Townhomes in Claremont, Calif. This property has 64, two-, three- and four-bedroom townhomes and is lightly renovated with central air conditioning, washer/dryer hook ups and detached garages.
The third property is The Village at Claremont, in Claremont, Calif. This unique property consists of 84 single and two-story units ranging from two to three bedrooms each. The property is also lightly renovated, with central air conditioning, and detached garages
Raintree Partners, formed by Allen in December of 2007, is a private real estate investment company whose objective is to pursue multifamily acquisition, development and redevelopment opportunities in west coast markets. Raintree invests through a partnership with a major institutional investment management company which committed $200 million of equity capital to the venture. Over the past 15 months, Raintree has acquired five multifamily properties in California.