(Mark Your Calendars for RealShare Distressed Assets 2011, October 4-5 in Dallas, and also for RealShare Apartments 2011, October 20 in Los Angeles).

BURBANK, CA-Raintree Partners of Laguna Niguel has acquired the 43-unit Taiko Village condominium project at 1601 Scott Rd. from a regional bank for $14 million and plans to complete construction, then rent the units as apartments. Jeff Allen, CEO of Raintree Partners, explains that, "Taiko Village was originally constructed as for-sale condominiums in 2009, but the project was never opened. We will complete the small amount of finish work that remains at the property, obtain the certificate of occupancy, and then rent the units out as apartments.”

Allen points out that Raintree is a buy-and-hold investor. “ We focus on properties that will be solid long-term investments,” he says. “Taiko Village, which was designed and built to high quality condominium standards, will be positioned to meet an underserved market for professionally managed, upscale rental residences in the Burbank area.”