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As part of a 1031 exchange, Beverly Hills-based StarPoint Properties has sold two apartment complexes totaling 491 units for $122M.
The two buyers were not disclosed.
StarPoint sold the 259-unit LaFayette Parc Apartments at 624 South Glendora Ave. in West Covina in Los Angeles County for $74M. The company initially purchased the property in 2014 for $51.75M.
The company also sold Foothill Ridge Apartments, a 232-unit apartment complex at 1334 West Foothill Blvd. in the San Bernardino submarket of Upland for $48.25M. StarPoint officials said the sale price was a 215% increase since they acquired the property for $15.18M in 2001.
“By acquiring and repositioning underperforming properties such as these, we’ve provided an incredibly high rate of return to our investors,” StarPoint CEO Paul Daneshrad said in a news release.
Daneshrad said both properties were being renovated and the buyers will complete the renovations. StarPoint had just completed construction of new leasing offices, clubhouses, fitness centers and pool areas at both properties, he said.
StarPoint officials said the sales are part of a 1031 exchange for another property in the Los Angeles area, for which they are currently in negotiations.
Madison Partners brokered both deals, StarPoint officials said.
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