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StarPoint Properties LLC Targets $100M in San Diego Acquisitions for 2008
Published: December 20, 2007
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By Matthew Marin, Associate Editor
San Diego--StarPoint Properties LLC, a real estate company based in Beverly Hills, Calif., has announced a $100-million acquisition program that targets San Diego and the surrounding areas for 2008. The first acquisition is a circa-1924 apartment building located in the Hillcrest area of San Diego. The 58-unit complex, located at 1571 University Ave., sold for $6.2 million.
“Until recently, we were priced out of the San Diego market because of condo conversions,” says Paul Daneshrad, CEO and president of StarPoint Properties. “Now, the market is opening up, allowing us to buy at apartment pricing. Given the strength of the market’s overall fundamentals, such as its future growth and the limited supply, it is a perfect time for us to re-enter the market.”
The Beverly Hills-based company plans to renovate the complex, known as Casa Grande (pictured), yet maintain features such as the original wood flooring and much of the original architectural detailing.
“This complex has been a part of the Hillcrest community almost as long as the community has existed,” says Daneshrad. “While it was originally built as a hotel, it was converted to apartments about 50 years ago. Today, it is a prime location within walking distance of all the trendy shops and restaurants. Our goal is to participate in the area’s urban rejuvenation and make this a luxuriously stylish building for not only the residents, but the community as well.”
The complex, which is comprised of studio and one-bedroom apartments, also includes two 1,700-sq.-ft. penthouse apartments with 17-ft. ceilings that highlight sweeping views of the area.
Current plans include upgrading the interiors of the apartments, as well as enhancing the garden-style common areas and spacious lobby entrance. In addition, new features such as a fitness center and additional storage areas are being planned.
