LOS ANGELES-Starpoint Properties LLC of West Los Angeles has acquired three apartment buildings totaling 232 units from Albion Pacific of Los Angeles for $6.169 million, or $27,178 per unit.
The three buildings are rent-controlled, and rents at about 80% of the units are below market, according to Paul Daneshrad, a Starpoint principal and president of the company.
Daneshrad tells GlobeSt.com that Starpoint plans to spend more than $750,000 rehabilitating the complexes and expects to raise rents to $595 from the current average of $395.
The buildings, consisting mainly of single apartments, are at 847 S. Alvarado St., 357 S. Alvarado St. and 1518 S. Wilton St. in the Mid-Wilshire district of Los Angeles.They were all built in the late 1920s and are reinforced brick.
Starpoint invests primarily in added-value projects in areas of strong population and job growth with constrained supply, Daneshrad says.
Starpoint is an apartment investment and management company that typically buys and holds property for three to 10 years, using its own capital and that of some partners, usually high net worth individuals and institutions.The company owns 16 properties totaling 1,800 units, most of them in California. Its Mid-Wilshire purchase was brokered by Janet Neman of the Charles Dunn Co.
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