Raintree Buys 231 Apartment Units in Glendale

Raintree Partners has acquired a seven-property, 231-unit multifamily portfolio in Glendale for $79 million. The acquisition is part of the firm’s strategy to assemble portfolios of small apartment properties in Southern California.

The seven properties include Stanley Oaks Apartments, an 80-unit community located at 1435 Stanley Avenue; Everett Apartments, an 8-unit community located at 138 N. Everett Street; Wilson Apartments, a 14-unit community located at 1458-1462 E. Wilson Avenue; Justin Oaks Apartments, a 54-unit community located at 1133 Justin Avenue; Chestnut Apartments, a 33-unit community located at 120 W. Chestnut Street; Galleria Pointe Apartments, a 22-unit community located at 1140 N. Columbus Avenue; and Burchett Apartments, a 20-unit community located at 314-320 W. Burchett Street.

Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller in this transaction. Wells Fargo provided the acquisition financing.