Raintree Buys Complex for $43M at 2005 Price

BURBANK, CA-Raintree Partners of Laguna Niguel acquires the 270-unit 1200 Riverside Apartments, which traded for $43 million in 2005, according to a GlobeSt.com report at the time.

By Bob Howard | Updated on April 06, 2011

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.

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