Dana Point-based Raintree Partners purchased seven multifamily properties in Glendale for $79 million.
The properties have a total of 231 units. They were sold by a private seller.
Ian Couwenberg, director of acquisitions for Raintree Partners said in a statement that the purchase was part of the company’s larger strategy to grow a portfolio of smaller multifamily properties.
All of the properties acquired were 80 units or less.
Raintree Partners will upgrade exteriors and amenities at the properties, which will be known as The Indie Collection.
The Mogharebi Group’s Alex Mogharebi and Otto Ozen represented the seller in the transaction. Raintree was self-represented.
Wells Fargo provided financing for the acquisition.
Commercial real estate reporter Hannah Madans can be reached at email@example.com. Follow her on Twitter @HannahMadans.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- MetWest Residential Building Sold for $38M
- Multifamily Building in Hollywood Sells for $17.7M
- Colony Capital Builds Last-Mile Network With Purchase of 54 Industrial Properties
- Monrovia Office Building Sells for $18.5 Million
- Rexford Buys Two Properties for $35M
- El Monte Apartment Building Sells for $41M
- TH Real Estate, Greenlaw Pick Up Whittier Industrial Property for $21.3M
- Slate Property Group Picks Up Two Hollywood Apartments for $39M