Raintree Partners Acquires Property From Seller Represented By Alex Mogharebi For $79M In Glendale

A seven-property multifamily portfolio located in Glendale has been sold for $79,000,000. The portfolio comprises a total of 231 units, which includes Stanley Oaks Apartments, an 80-unit community at 1435 Stanley Ave; Everett Apartments, an eight-unit community at 138 N. Everett St.; Wilson Apartments, a 14-unit property at 1458-1462 E. Wilson Ave.; Justin Oaks Apartments, a 54-unit asset at 1133 Justin Ave.; Chestnut Apartments, a 33-unit property at 120 W. Chestnut St.; Galleria Pointe Apartments, a 22-unit community at 1140 N. Columbus Ave.; and Burchett Apartments, a 20-unit asset at 314-320 W. Burchett St.

Summary of transaction details:

• Property Type: Multifamily Portfolio
• Transaction Amount: $79,000,000
• Units: 231
• Seller's Representative: Alex Mogharebi - The Mogharebi Group
• Buyer: Raintree Partners
• Market: Glendale

In this transaction, Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller. Raintree Partners intends to implement a value-add renovation plan for the portfolio, which will include improvements to deferred maintenance, exterior and interior upgrades, and rebranding the properties as The Indie Collection. Financing for the acquisition was provided by Wells Fargo.