BURBANK, CA-Raintree Partners of Laguna Niguel has acquired the 270-unit 1200 Riverside Apartments at 1200 W. Riverside Dr. for $43.15 million, a complex that traded for $43 million in 2005, according to a GlobeSt.com report at the time. The sale closed at a cap rate in the high 5% range, according to Raintree. The 1200 Riverside complex is composed of six buildings on 4.17 acres and is 98.5% occupied. Its 270 units include 216 studios and 54 one-bedroom apartments that range from 466 to 740 square feet and average 496 square feet. Rents range from $1,200 to $1,400. Common area amenities include a roof deck lounge, a clubhouse, a swimming pool and spa, a fitness center, covered parking and four laundry centers. The property also includes 70 horse stables and is located adjacent to the Los Angeles Equestrian Center.

Jeff Allen, CEO of Raintree Partners, noted that the property recently underwent an $8.4 million renovation of the interior and exterior. No brokers were involved in the sale, which was financed with a new $30M Fannie Mae loan which was originated through Greg Reed and Kristen Croxton of Deutsche Bank Berkshire Mortgage.

“Although the project was originally constructed in the mid-1960s, the renovation, which included an updated fa