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Raintree Partners' Jeffrey B. Allen

'The key to success is to properly underwrite the deals we're investing in.'

By Sule Aygoren Carranza | Updated on May 19, 2009

In today’s environment, it’s tough to find good opportunities. Just ask Raintree Partners’ CEO, Jeffrey B. Allen, who took his time scouring the market for just the right deal. Some 16 months after its founding, the Laguna Nigel, CA-based investment company acquired its first property–the Trellis Square Apartment Homes, a 204-unit luxury apartment community in the Silicon Valley’s Sunnyvale, CA. The seller in the $38.3-million deal was an affiliate of Northwestern Mutual.

But that’s not to say Raintree isn’t looking earnestly. Backed by a $200-million commitment from an institutional investor, the company hopes to rack up a collection of apartment properties worth $10 to $100 million, as well as investments in development opportunities, land and non-performing and sub-performing multifamily and land loans. Citing confidentiality, Allen would not disclose the identity of its institutional partner, but sources reveal it is Evergreen Real Estate Partners, a $2-billion-plus real estate private equity fund formed by Chicago-based M3 Capital Partners.

Allen, who also founded private real estate development company J.B. Allen Realty Inc. in 1999, recently spoke with GlobeSt.com about the acquisition, the firm’s strategy and offered his take on the market.

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