Raintree Partners has acquired a portfolio of five multifamily communities in Southern California, totaling 551 units, from a private seller for $142 million.
The properties are located within four submarkets: Glendale, Hollywood and Canoga Park in Los Angeles County, and Camarillo in Ventura County. The acquisition is ideally aligned with the firm’s investment strategy to assemble portfolios of multifamily properties in strategic submarkets in urban California locations, according to Mathew Barbiasz, vice president of acquisitions for Raintree Partners.
“This was an incredibly rare opportunity to acquire a multifamily portfolio of this size, with strong upside potential, within the Los Angeles and Ventura markets,” said Barbiasz. “After navigating the turbulence and uncertainty of this year and continuing to strategically identify and evaluate opportunities, we were well-positioned to acquire this complete portfolio of properties.”
Barbiasz noted that
