November 15, 2016
Beverly Hills, CA-based StarPoint Properties acquired Indian Hill Villas, a 75-unit multifamily asset in Claremont, CA. The $15.75-million, off-market transaction was completed with an undisclosed seller.
The new owners plan a $2.1-million repositioning, including updating pool and cabana areas, adding a dog park, a new car washing station, building new private garages, updating the gym with modern equipment, and installing free Wi-Fi in gym, pool and cabana areas. Renovations will also include upgrading each unit as they become available at the complex originally built in 1971.
StarPoint Properties’ Paul Daneshrad says, “We plan to ‘rebrand’ the property – renaming it Claremont Park – by modernizing the interiors and exteriors in addition to updating the overall amenity package.”
Institutional Property Advisors’ Stewart Weston and John Montakab represented both buyer and seller.
For comments, questions or concerns, please contact Dennis Kaiser