August 29, 2018
StarPoint Properties sold two apartment properties for nearly $122.3 million. A 259-unit property located at 624 S. Glendora Ave. in West Covina sold for $74 million, while a 232-unit property located at 1334 W. Foothill Blvd. in Upland sold for $48.25 million.
The value-add communities were purchased by two different undisclosed buyers. Madison Partners brokered the deals.
Substantial renovation programs were underway at both complexes and will be picked up by the buyer, according to StarPoint CEO Paul Daneshrad.
StarPoint purchased the West Covina property in 2014 for $51.75 million. The disposition price represents a 43% increase in value. The company purchased the Upland property in 2001 for nearly $15.18 million. The disposition price represents a 215% increase in value.
“By acquiring and repositioning underperforming properties such as these, we’ve provided an incredibly high rate of return to our investors,” Daneshrad noted.
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