StarPoint Grabs 259 Units in Los Angeles County
- Nov 25, 2014
West Covina, Calif.—StarPoint Properties has added a 259-unit apartment community to its portfolio. Lafayette Parc Apartments, located at 624 South Glendora Ave., was picked up for $51.8 million.
“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,” says 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 asset sits on 13 acres and was 97 percent occupied at sale. Amenities include seven pools, a fitness center, tennis and basketball courts, on-site laundry and barbecue and picnic areas.
A repositioning plan is in the works. It will target common areas, and specifically will add a new leasing office, upgrade the main pool, build a new fitness center and sand volleyball court, resurface the existing basketball and tennis court, install a soccer field and dog park, and build a new theater for residents. Some carports will also be converted to garages, and gates will be installed along the property line.
“The team at StarPoint has a long track-record specializing in repositioning investment properties, specifically within the Southern California market,” Daneshrad adds. “Given the steady market pick-up, this is an ideal time to reposition these units to better serve the community.”
Marcus & Millichap brokers 26-units Illinois apartment sale
Riverside, Ill.—Marcus & Millichap has brokered the sale of 113 Lincoln Ave., a 26-unit community located in Riverside, Ill. The asset sold for $1.72 million. Ryan Engle and Andrean Angelov, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was secured by Eric Bell, an investment specialist in Marcus & Millichap’s Chicago O’Hare office.
113 Lincoln Avenue sold at 95 percent of its original list price. The property consists of 15 one-bedroom/one-bathroom units; nine two-bedroom /one-bathroom units and two two-bedroom/one-bathroom garden units. The one-bedroom units measure approximately 700 square feet each and the two-bedroom units measure approximately 800 square feet each.
NorthMarq arranges $11.86M in Fannie Mae acquisition financing
Raleigh, N.C.—Todd Crouse, senior vice president/managing director of NorthMarq Capital’s Raleigh-based regional office, secured acquisition financing of $11.86 million for Governours Square, a 219-unit apartment community located in Wilmington, N.C.
The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its affiliate relationship with a Fannie Mae DUS lender.