Dana Point-based Raintree Partners, a private commercial real estate investment company, has acquired a portfolio of seven apartment complexes totaling 231 units in Glendale for $79 million.
Raintree Partners in a statement said it will implement a renovation plan for all the properties, addressing deferred maintenance, upgrading exteriors, amenity areas, and unit interiors; and installing new washer-dryers at select properties.
The firm will rebrand and operate the seven properties as The Indie Collection.
Raintree Partners said the Glendale apartments were acquired from a single private seller who had owned the assets for over many years. The properties include:
- Stanley Oaks Apartments, an 80-unit complex at 1435 Stanley Ave.
- Everett Apartments, an 8-unit complex at 138 N. Everett St.
- Wilson Apartments, a 14-unit complex at 1458-1462 E. Wilson Ave.
- Justin Oaks Apartments, a 54-unit complex at 1133 Justin Ave.
- Chestnut Apartments, a 33-unit complex at 120 W. Chestnut St.
- Galleria Pointe Apartments, a 22-unit complex at 1140 N. Columbus Ave.
- Burchett Apartments, a 20-unit complex at 314-320 W. Burchett St.
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller in this transaction. Wells Fargo provided the acquisition financing.
Retail property in Mission Viejo sold
SRS Real Estate Partners’ Investment Properties Group in Newport Beach has completed the $12.95 million sale of the shops component within Avery Center in Mission Viejo.
The 16,568-square-foot portion that sold includes two occupied retail buildings at 28601 to 28621 Marguerite Parkway. Built in 1977 with an extensive renovation completed in 2016, the property tenants include Jimmy John’s, Epic Wings, Broken Yolk Café, and Big Grill Mongolian BBQ, along with four local retailers.
SRS’ Investment Properties Group managing principals Patrick Luther and Matthew Mousavi represented the seller, Pacific Castle, a privately held real estate firm in Irvine. John Martin of Lee & Associates represented the Orange County-based family who acquired the property as a long-term hold.
Another HQ move
Spinnaker Investment Group has expanded and relocated its headquarters to the Koll Center Newport campus at 4100 MacArthur Blvd., Suite 120 in Newport Beach.
Spinnaker’s President Joseph Stapleton said the new location offers an integrated campus with expanded amenities. “Being next door to the Pacific Club significantly adds to our options for hosting clients and organizing events,” he said in a statement.
Last week we reported the law firm Rutan & Parker was relocating its HQ from Costa Mesa to The Boardwalk campus in Irvine.
Granny flat seminar
The Orange County Register will host a granny flat seminar for homeowners considering the addition of accessory dwelling units or ADUs to their properties.
Recent changes in state law opened up the options for more ADUs on properties of certain sizes. Property owners can now more easily convert a garage, build an attached ADU or detached ADU, providing more living space for family, caretakers or a new stream of rental income.
The 90-minute seminar will be held from noon to 1:30 p.m. Thursday, June 20 at the Register’s offices at 2190 S. Towne Centre Place in Anaheim. Time will be provided for questions and answers. Food and beverages will be provided.
People in Real Estate
Edward Morrell is the new chief financial officer for Irvine-based Shopoff Realty Investments. Morrell joined Shopoff Realty Investments in August 2016 and has served as the company’s vice president of financial reporting. He will play a key role in the overall management of the company. Previously he served as controller for Rancho Santa Margarita-based Kairos Investment Management. He was also controller for LBA Realty in Irvine.
John Bartz has joined the Dana Point / San Clemente/ San Juan Capistrano office of Coldwell Banker Residential Brokerage as an affiliate agent. He comes to the office with five years of real estate experience. Previously, he was an agent with Beachside Realtors.
John Combs, the founder of Irvine-based RiverRock Real Estate Group, has been named to the board of directors of Illuminate, a San Francisco based nonprofit arts organization. Illuminate’s mission is to rally large groups of people together to create impossible works of public art.