Press Release

Greater Los Angeles Area Multifamily Portfolio Sells for $142 Million – CBRE

2020 11월 23

Portfolio is comprised of 551 total units across five properties; marketing campaign drew nearly 100 offers

Los Angeles – CBRE announced the sale of a multifamily portfolio in the Greater Los Angeles area to Raintree Partners, an Orange County, Calif.-based private commercial real estate investment firm, for $142 million.

Dean Zander, Stew Weston and John Montakab represented the private seller, a local family that had held the five properties for an average of 34 years, in the transaction. The marketing campaign resulted in nearly 100 offers, demonstrating the considerable investor confidence in the continued growth and strength of the Southern California multifamily market.

Raintree, a private commercial real estate investment company based in Southern California, purchased the portfolio at an average cost of $257,713 per unit. The buyer plans to take advantage of the value-add potential through capital investment improvements.

The five properties, built between 1964 and 1985, are:

• Mountain View –Camarillo
• Perigee – Canoga Park
• Canyon Drive Manor – Hollywood
• Imperial Crest – Glendale
• Imperial Manor – Canoga Park

“The continued high demand for rental housing in Los Angeles has helped mitigate some of the negative aspects the COVID-19 pandemic has had on the local economy,” said Zander. “Despite an uptick in vacancies and some collection challenges, occupancy rates are still near historical highs, while rents appear to be holding up and showing signs of improving. Suburban areas, in particular, continue to outperform most urban locations.”

Added Weston, “Marketing the properties during the pandemic presented several challenges such as scheduling and conducting the many live and virtual tours for each property, as well as navigating the various ballot measures that could have materially impacted the success of the renovation plan. True value-add offerings continue to be highly sought by investors. Renovations ranging from minor cosmetic changes to major building upgrades allow investors to take advantage of strong rent growth.”

The sale marks the third portfolio transaction for Raintree in the last 18 months as part of its large-scale acquisition strategy for this year and 2021.

“This acquisition presents Raintree the opportunity to substantially increase our presence in east Ventura County as well as the Hollywood area and the San Fernando Valley,” said Mathew Barbiasz, Vice President of Acquisitions for Raintree. “With a host of well-paying jobs and entertainment options in each of these markets, the properties are well positioned for future growth.”

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at