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RAINTREE PARTNERS ACQUIRES SECOND MULTIFAMILY PROPERTY FOR $21 MILLION WITH PLANS TO ACQUIRE ADDITIONAL PROPERTIES

SAN DIMAS, Calif. (DECEMBER 10, 2009) – Raintree Partners, a Laguna Niguel, Calif.-based real estate investment company, has completed its second multifamily acquisition this year.

This week, Raintree Partners acquired Mountain View Apartments in San Dimas, Calif., a 168-unit apartment community in the San Gabriel Valley, for $21 million. In April, the firm acquired the 204-unit Trellis Square Apartment Homes in Sunnyvale, Calif., for $38.25 million.

“With two acquisitions completed in 2009 and capital available for additional acquisitions, we have proven both our ability to close deals despite challenging current market conditions, as well as our ability to find properties we anticipate will be excellent long-term investments,” notes Jeffrey B. Allen, Chief Executive Officer of Raintree Partners. “With significant additional capital available for acquisition opportunities, Raintree Partners continues to seek properties to add to its growing portfolio of multifamily projects located within California.”

“Raintree Partners is seeking 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,” according to Hancock.

“Mountain View was an attractive acquisition opportunity for our firm due to its location in a very nice community with a good public school system and easy freeway access to nearby employment and colleges. Within eight miles of the property are more than 90,000 jobs and five colleges serving more than 70,000 students,” adds Allen. “Furthermore, there is a terrific opportunity for us to add value to this asset through a future interior and exterior renovation program.”

The Mountain View Apartments are located at 650 E. Bonita Avenue in San Dimas, Calif. at the intersection of the 10, 57 and 210 Freeways. A planned extension of the Metro Gold Line light rail system includes a station one-half mile from the apartment community. Comprised of 168 two- and three-bedroom residences, Mountain View also encompasses an array of amenities including a fitness center, swimming pool with a spa and wading pool, renovated clubhouse and covered parking.

Sean Deasy of CB Richard Ellis represented the seller in the acquisition. Financing for the acquisition was provided through Fannie Mae. The seller was an affiliate of Apartment Investment & Management Company.

Raintree Partners, formed by Mr. Allen in December of 2007, is a private real estate investment company whose objective is to pursue multifamily acquisition, 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.