According to Aaron Hancock, Raintree’s director of acquisitions, although the property is 25 years old, the $24.6 million purchase price was compelling given the good location, physical condition and financial performance of the property.

“Raintree Partners is a ‘buy and hold’ investment and development company,” added Hancock. “We make our investments with long term goals in mind and believe in this type of property which has great current fundamentals and terrific future value-add potential. A nice benefit was the fact that the asset became available for acquisition during this period of very low debt rates,” said Hancock.

Raintree Partners will begin both interior and exterior renovations on the property within the next 18 to 24 months. Check will be responsible for managing the capital improvement plan for this property.

Boulder Creek is located near the 91, 215 and 60 Freeways, as well as the downtown Riverside Metrolink station. The property offers studio, one- and two-bedroom units that include balconies and bay windows.

Raintree Partners, formed by Allen in December of 2007, is a private real estate investment company whose objective is to pursue multifamily acquisition, development and redevelopment opportunities in west coast markets. Raintree invests through a partnership with a major institutional investment management company which committed $200 million of equity capital to the venture. Over the past 15 months, Raintree has acquired six multifamily properties in California.