Meadowbrook Apartments is comprised of nine, two-story buildings located at 156 North Murrieta Blvd. The property was built in 1981 and offers one-, two- and three-bedroom floor plans. Select units feature wood-burning fireplaces, while each unit contains a private patio or balcony, and air conditioning. The apartment community offers a swimming pool, covered parking, basketball court, children’s play area and two laundry centers.

According to Jason Check, Raintree’s development director, “Raintree plans a full re-positioning of the asset. This repositioning will include upgrades to the signage, exterior upgrades including paint, and landscape improvements, as well as upgrades to the community’s amenities. Raintree will also conduct full renovation of the individual unit interiors including upgraded cabinets, countertops, appliances, flooring and fixtures.”

Hancock tells GlobeSt.com that Raintree has a total repositioning budget of $1.5 million. Hancock adds that “With the acquisition of Meadowbrook, we have acquired eight, class A and B properties in very desirable markets in California this year.” He continues that “Raintree plans to continue seeking out appropriate opportunities in 2011. As a ‘buy and hold’ multifamily investment company, we see these value-add type of properties as attractive long-term investments for us.”

One of Raintree’s latest investments in California, as GlobeSt.com previously reported, was the company’s acquisition of a two-property apartment portfolio totaling 260 units for $65 million in a transaction that increased the Orange County-based company’s San Diego County holdings to $130 million. Like Meadowbrook Apartments, the apartments were located in a “very desirable area” and “have the potential for attractive long term growth in the return on our investment as the economy improves,” according CEO Allen at the time.