Lee & Associates-LA North/Ventura Transacts $9.5 M Multifamily Sale in Studio City, CA
Buyer Raintree Partners adds to substantial San Fernando Valley
STUDIO CITY, CA – Sept. 30, 2014 – A 39-unit apartment property in Studio City, CA has sold to Raintree Partners for $9,525,000, according to Jim Fisher and Mike
Smith, principals of Lee & Associates-LA North/Ventura, Inc. who represented both the buyer and seller.
“Raintree Partners, a long term investor in major coastal California markets, has been very active in this area, and owns several nearby properties, so this asset will be a good fit for the company’s portfolio,” said Fisher.
Since 2011, Laguna Niguel-based Raintree has acquired five multifamily properties in the San Fernando Valley.
The property, located at 4250 Coldwater Canyon Ave., was fully occupied at the time of the sale. It is located next door to Sportsmen’s Lodge, which is planning a major renovation and redevelopment to include a 57,000-square-foot commercial center anchored by Equinox fitness club with restaurants and retail shops.
The seller in the transaction was not disclosed.