Starpoint Acquires West Covina MF for $51.7M
StarPoint Properties has acquired Lafayette Parc Apartments, a 236,000-square-foot property comprised of 259 units in West Covina, Calif., for $51.75 million.
West Covina, Calif.—StarPoint Properties has acquired Lafayette Parc Apartments, a 236,000-square-foot property comprised of 259 units in West Covina, Calif., for $51.75 million.
“This fits well within our value add philosophy where we can take a B project and turn it into an A- by dramatically improving an already strong amenity package,” Paul Daneshrad, StarPoint Properties’ CEO, tells MHN. “We loved the submarket and the property. Given its close proximity to a major mall, its low-density construction, and its very strong amenity package, we felt it would be a great fit for our portfolio.”
Located at 624 South Glendora Ave., and originally constructed in 1964, the Lafayette Parc Apartments are situated on 13 acres. Units vary in size from studio to three-bedroom apartments, ranging from 400 to 1,125 square feet.
Currently the property has seven pools, a fitness center, leasing center, on-site laundry, tennis courts, basketball court, barbecue area and picnic areas.
“We plan to spend about $2.5 million on an amenity upgrade,” Daneshrad says. “This will include improving the main swimming pool to resort style quality as well as building out a new leasing office, theatre and fitness center. We will also install some new amenities as well such as a dog run, a volleyball court and a small soccer area.”
Additionally, some of the existing carports will be converted to garages, and perimeter gates will be installed around the property line.
According to Daneshrad, the community is in a very strong pocket within West Covina and only a short distance away from the mall. The property also has great frontage on Glendora Avenue.
“The team at StarPoint has a long track-record specializing in repositioning investment properties, specifically within the Southern California market,” Daneshrad says. “Given the steady market pick-up, this is an ideal time to reposition these units to better serve the community.”
At the time of the sale, Lafayette Parc Apartments were 97 percent occupied.