Raintree Partners Pays $100M for SoCal Apartment Community

A multifamily community in Ventura, Calif., has sold for nine figures, the latest in only a handful of properties to trade hands in the coastal city over the past decade.

Dana Point, Calif.-based Raintree Partners paid $100 million for Cypress Point, a 268-unit apartment complex at 1241 Cypress Point Lane. The sale price equates to roughly $373,134 per unit. An affiliate of Goleta, Calif.-based The Towbes Group sold the asset, property records show. 

Institutional Property Advisors’ Kevin Green, Joe Grabiec and Greg Harris represented the seller in the deal and procured Raintree as the buyer. 

Built in 1990 across 14 acres, Cypress Point comprises 28 two-story apartment buildings. Average occupancy over the past five years has remained steady at nearly 98 percent, according to Grabiec, and the property is one of just four multifamily assets with more than 250 units to sell in Ventura over the past 10 years. 

“Our marketing strategy highlighted the asset’s unique value proposition, generating interest from every major value-add and core-plus fund in the multifamily marketplace,” Green added in a statement. 

The deal for Cypress Point isn’t the first time that the IPA team and Raintree have crossed paths, albeit in different roles. Late last year, Raintree sold Candela, a 112-unit property in Hollywood, to Cityview for $35.5 million. Green, Grabiec and Harris brokered that sale, which was ultimately $5.2 million less than Raintree paid for the asset in 2018. 

Nick Trombola can be reached at ntrombola@commercialobserver.com.