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VENTURA, CA-GlobeSt.com has exclusively learned that Raintree Partners has acquired Archstone Ventura Colony, a 272-unit multifamily community located just off of the 101 Freeway in the coastal community of Ventura. The sales price of $60 million equates to $220,680 per unit.
While the acquisition represents Raintree’s initial foray into Ventura County, it brings the firm’s portfolio in California to 16 properties and over 2,300 units, according to Jeff Allen, CEO of Raintree Partners. Institutional Property Advisors, a division of Marcus & Millichap, advised on the sale of the asset.
Ron Harris, an executive vice president investments with IPA, and director Joseph Smolen represented the seller, Archstone, as well as Raintree Partners.
“We were particularly attracted to this investment opportunity as it is the best-located apartment property in the city of Ventura,” explains Allen. “It is within walking distance of high-end retail, a block from the entrance to the 101 Freeway (Highway 101), and less than a mile from the major employment centers in Ventura. In addition, it has high visibility and good drive by traffic along Telegraph Road.”
Raintree plans to implement a renovation program of unit interiors, according to Aaron Hancock, director of acquisitions for Raintree Partners. “The amenities, common areas and exterior of the property are fantastic. The plan is to execute a renovation of the kitchens and bathrooms and install washers and dryers to modernize the unit interiors and bring them to a level consistent with the exterior.”
According to Smolen, “It is rare in this marketplace for a buyer to acquire an institutionally sized asset in a desirable market with a significant value-add opportunity.”
Harris adds that this particular community should see sustained job growth in the coming years.
Financing was provided by Fannie Mae and arranged by Greg Reed and Kristen Croxton of Beech Street Capital.
Built in 1988, the multifamily community is situated on 12.17 acres at 848 Weber Circle. It is ideally located near the intersection of Highways 101 and 126. The asset is less than a mile from Ventura County’s government offices. The property’s common area amenities include two swimming pools and spas, a fitness center, a tennis court, a screening room and a business center. Unit amenities include fully furnished kitchens with tile countertops, private patios and large walk-in closets.