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Judy Brower
Brower, Miller & Cole
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RAINTREE PARTNERS ACQUIRES FIRST MULTIFAMILY PROPERTY FOR $38.25 MILLION

• Firm plans to acquire additional multifamily properties throughout California

SUNNYVALE, Calif. (May 4, 2009) – Raintree Partners, a Laguna Niguel, Calif. based real estate investment company, has completed its first multifamily acquisition. The firm has acquired Trellis Square Apartment Homes in Sunnyvale, Calif., a 204-unit luxury apartment community located in the heart of Silicon Valley for $38.25 million.

“Through our relationship with an institutional investor, Raintree Partners has the capital available to acquire a substantial portfolio of multifamily development and redevelopment projects located within high growth markets in the Western United States,” said Jeffrey B. Allen, Chief Executive Officer of Raintree Partners. “Trellis Square is the type of acquisition opportunity we are seeking based on its’ value-added potential and desirable location in Santa Clara County, one of the nation’s highest barrier-to-entry apartment markets.”

“The acquisition of Trellis Square is the first of many to come for Raintree. We will continue to seek compelling investment opportunities in infill locations proximate to major employment centers” said Aaron Hancock, Director of Acquisitions for Raintree Partners.

The firm is targeting multifamily acquisition and development opportunities valued in the range of $10 to $100 million; entitled and un-entitled land investment opportunities; and non-performing and sub-performing multifamily and land loans.

Trellis Square Apartment Homes is located at 963 East El Camino Real in Sunnyvale, Calif. between highways 101, 280, 85, 237 and 880. Comprised of 204 luxury one- and two-bedroom residences, Trellis Square also boasts a fitness center, spa and swimming pool.

William Huberty and Matthew J. Holmes of CB Richard Ellis’ San Francisco office represented the seller in the acquisition. Fannie Mae financing for the acquisition was provided through Troy Tegeler and Bethany Bailey of CBRE Capital Markets. The seller was an affiliate of Northwestern Mutual.

Raintree Partners, formed by Mr. Allen in December, 2007, is a private real estate investment company whose objective is to pursue multifamily development and redevelopment opportunities. Shortly after its formation, Raintree secured a $200 million equity commitment from a major institutional investment management company. Allen has more than 30 years of real estate experience including development, investment and management responsibilities. Prior to founding Raintree Partners, Allen was founder of J.B. Allen Realty, Inc., a private real estate development company formed in 1999 and focused on mixed-use and multifamily residential projects in Southern California. Prior to merging its interests into Raintree Partners, J.B. Allen Realty acquired and entitled four development projects in Southern California with total project costs of more than $350 million and comprising more than 1,100 multifamily units.