LAGUNA NIGUEL, CA-Locally based multifamily specialist RaintreePartners has hired a new director of asset management in a movethat reflects the company’s plans to expand its growing portfolioof West Coast properties. The new exec is Matthew J. Novobilski,whohas worked in asset management for more than 15 years and mostrecently was director of asset management for Beverly Hills-basedKennedy Wilson.

|

Raintree CEO Jeff Allen says that the company’s “rapid growththrough our recent series of acquisitions has created the need tohire additional staff to manage our much larger portfolio, as wellas to source additional acquisitions.” He adds that Novobilski’sskill set―specializing in multifamily asset management,construction oversight, property operations and financialanalysis―is directly aligned with Raintree Partners’company objectives.

|

Raintree has also promoted Scott C. Baxter to the position ofassociate. Baxter, who has served at Raintree Partners since 2008,previously held the position of analyst, in which he wasresponsible for financial modeling, conducting market and economicresearch, preparing financial reports and writing investmentcommittee presentations. In his new role, he will continue tosupport Raintree’s acquisition efforts through underwritingprospective deals, coordinating due diligence activities, andworking with brokers and owners regarding potentialacquisitions.

|

Raintree, formed by Allen in December of 2007, is a private realestate investment company that acquires, develops and redevelopsmultifamily properties in West Coast markets. It invests through apartnership with a major institutional investment managementcompany which committed $200 million of equity capital to theventure. Over the past 15 months, Raintree has acquired sevenmultifamily properties in California, including its recent $68.2 millionpurchase of the 302-unit Trieste Apartment Villas inthe San Diego County community of La Jolla.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.