Raintree Partners Acquires Luxury L.A. Community for $77M
- Jan 18, 2013
Los Angeles—Raintree Partners, a Laguna Niguel, Calif.-based real estate investment and development company, has acquired a $77 million multifamily community in Los Angeles. The luxury community, called The Plaza at Sherman Oaks, contains 392 units. This acquisition brings Raintree’s California holdings to 17 multifamily communities, consisting of 2,800 units.
The community eight three-story buildings with studios and one- and two-bedroom units. Additionally, there are 20 three-story townhome villas. The Plaza at Sherman Oaks was built in 1969 and the common areas were recently was renovated in 2009 and 2012. Raintree plans to upgrade the units with granite counters and new appliances, cabinets, lighting, and paint.
Amenities for the community include a tennis court, basketball court, volleyball court, putting green, pool, spa and grilling stations. The property also features a clubhouse with a business center, fitness center, steam room, tanning room, lounge areas with fireplaces and televisions, and a 29-seat theater. The third floor of the clubhouse also features commercial office space.
The community is located near television and movie studios such as CBS, NBC Universal and Dreamworks. Additionally, the community is walking distance from several restaurants and shopping, including the Westfield Fashion Square Mall.
“As a former Oakwood property, The Plaza offers the best amenities of any community in the Sherman Oaks area, a compelling draw for any renter, and especially the affluent renters that often seek luxury apartment living in this neighborhood,” Aaron Hancock, Raintree’s director of acquisitions, says.