StarPoint Properties Acquires $51.75 Million Multifamily Property in West Covina
WASHINGTON, D.C. – November 19, 2014 – (RealEstateRama) — StarPoint Properties, an industry leader in acquiring, developing and re-positioning multifamily projects, has purchased the $51.75 million Lafayette Parc Apartments in West Covina, California. The 236,000-square-foot property is comprised of 259 units and is located at 624 South Glendora Ave. The name of the seller was not disclosed.
“The purchase of Lafayette Parc is significant because it represents a great opportunity in an ideal location with close proximity to major shopping and dining, including a large regional mall,” said Paul Daneshrad, CEO of StarPoint Properties. “Couple this with our plans to implement key renovation strategies that will add value to the complex, and we will take this property from a B asset to an A-.”
Built in 1964, the Lafayette Parc Apartments sit on more than 13 acres and currently have a 97 percent occupancy rate. Configurations include floor plans varying in size from studio to three bedroom, ranging in size from 400 to 1,125 square feet. The complex offers many amenities for residents, including seven pools, a fitness center, tennis and basketball courts, on-site laundry as well as barbecues and a picnic area.
StarPoint’s renovation plans will focus primarily on upgrading the common areas of the complex, including building a new state-of-the-art leasing office, upgrading and expanding the main pool to include cabanas and a new barbecue/lounge area, installing a new spa, building a new fitness center to overlook the pool, installing a sand volleyball court, resurfacing the existing basketball court and tennis court, installing a soccer field and dog park, and building a theatre for residents. Additionally, some of the existing carports will be converted to garages, and perimeter gates will be installed around the property line.
“The team at StarPoint has a long track-record specializing in repositioning investment properties, specifically within the Southern California market,” said Daneshrad. “Given the steady market pick-up, this is an ideal time to reposition these units to better serve the community.”
About StarPoint Properties:
StarPoint Properties is a real estate company that specializes in the acquisition, re-development and re-positioning of investment properties in markets throughout the nation. The firm, which has been involved in the multifamily and commercial market since 1995, currently owns a portfolio valued at approximately $800 million with more than 4 million square feet of property. www.starpointproperties.com.
