Even through the pandemic and market downturn, Raintree Partners is confident in its apartment investment strategy. The firm targets assets in Southern California growth markets, and recently acquired a five-property $142 million portfolio. The deal illustrates the firm's market perspective.
"Over the past few months, we've seen activity pick up significantly. We are confident in our strategy to focus solely on targeted, growing submarkets in Southern California that offer a high quality of life and access to major employment hubs," Mathew Barbiasz, VP of acquisitions at Raintree Partners, tells GlobeSt.com.
The five-property portfolio is the firm's third multifamily portfolio acquisition in 18 months. The assets are located in Glendale, Hollywood, Canoga Park and Camarillo and total 551 units. "All five properties, while well maintained by the previous ownership, offer significant upside potential," says Barbiasz. "Further, Raintree Partners had an existing portfolio of multifamily communities within three of the four submarkets where these assets are located, allowing us to leverage our relationships and experience in these locations. With this acquisition, we were also simultaneously able to enter Canoga Park with two properties, instantly amassing economies of scale."
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As typical for the investor, Raintree plans to implement a value-add strategy and hold the assets long term. Capital improvements will include upgrades to exteriors, amenity areas, and unit interiors. "As long-term owners who specialize in value creation through strategic renovations and efficient operations, the pandemic has not had a significant impact on our plan for these properties," Aaron Hancock, managing director at Raintree Partners, tells GlobeSt.com. "We plan to implement light-to-intensive upgrades at each property to meet the needs and expectations of residents in these in-demand submarkets."
In April, Raintree closed on a three-property portfolio in the Bay Area, a follow up to a seven property-portfolio acquisition in June 2019. This year, it has maintained its acquisition pace, despite the pandemic. "While we naturally took time to evaluate the potential short- and long-term impacts of the pandemic, we've remained active throughout the year," says Hancock. "In addition to this purchase, we moved forward with the acquisition of a portfolio of three properties in the Bay Area in April. Looking ahead, we plan to continue to target similarly sized portfolio acquisitions in designated west coast markets."
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Kelsi Maree Borland
