—Raintree Partners has completed its $77 million purchase of the 392-unit Plaza at Sherman Oaks apartments from Oakwood, and plans to combine the complex with an adjacent condominium property.
The Plaza, at 4500 Woodlman Avenue, includes eight three-story buildings, as well as 20 three-story townhome villas. The complex was built in 1969, and underwent extensive common area renovations between 2009 and 2012. In order to drive returns in the, Raintree plans to renovate the unit interiors in order to match the quality of the amenities the property offers. The unit interior upgrades will include granite counters, new appliances, new cabinets, new wood grain plank vinyl flooring, new carpet, new lighting and plumbing packages and new paint.
Amenities at the property include a tennis court, basketball court, volleyball court, putting green, and resort-style pool with two spas and grilling stations. In addition, the property contains a three-story clubhouse that features a business center, fitness center, steam room, tanning room, lounge areas with fireplaces and flat screen televisions, and a 29-seat theatre. The third floor of the clubhouse also features 1,500 sq. ft. of commercial office space in six units, all of which are currently leased.
Jeff Allen, CEO of Raintree, said the community is one of the largest and most accessible properties in a very supply constrained Sherman Oaks rental market. “We moved quickly to acquire this property, which is located in a densely populated area near many of the film studios,” he said in a statement.
The company also owns the adjacent, 39-unit Villa Sofia condo complex. Raintree plans to combine the operations of both facilities. This acquisition brings Laguna Niguel, Calif.-based Raintree’s holdings in the state to 17 multifamily communities, consisting of approximately 2,800 units.
Marc Renard with Cushman & Wakefield represented both the buyer and the seller in the transaction. Financing for the acquisition was secured by Troy Tegeler with CBRE, and provided by Freddie Mac.