TODAY’S DEALS: Raintree Acquires Apartment Community for Over $38M, and Other Transactions
- May 05, 2009
By Anuradha Kher, Online News Editor Sunnyvale, Calif.–Raintree Partners has acquired Trellis Square Apartment Homes (pictured) in Sunnyvale, Calif. The property is a 204-unit luxury apartment community located in the heart of Silicon Valley for $38.25 million. This is the first multifamily acquisition for Raintree Partners.“Through our relationship with an institutional investor, Raintree Partners has the capital available to acquire a substantial portfolio of multifamily development and redevelopment projects located within high growth markets in the Western United States,” says Jeffrey B. Allen, CEO of Raintree Partners. Aaron Hancock, director of acquisitions for Raintree Partners, says, “We will continue to seek compelling investment opportunities in infill locations proximate to major employment centers.” The firm is targeting multifamily acquisition and development opportunities valued in the range of $10 to $100 million; entitled and un-entitled land investment opportunities; and non-performing and sub-performing multifamily and land loans. Trellis Square Apartment Homes is located at 963 East El Camino Real in Sunnyvale, Calif. between highways 101, 280, 85, 237 and 880. The community features one- and two-bedroom residences as well as a fitness center, spa and swimming pool. Arbor Closes $4,555,000 Fannie Mae DUS Small LoanLos Angeles–Arbor Commercial Funding LLC recently closed funding of a $4,555,000 loan under the Fannie Mae DUS Small Loan product for the 86-unit complex known as 8th Street/S. Westlake in Los Angeles. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.21 percent.