WEST COVINA, CA—StarPoint Properties has purchased the Lafayette Parc Apartments in West Covina, CA, for $51.8 million from an undisclosed seller, GlobeSt.com reports exclusively. Located at 624 South Glendora Ave., the 236,000-square-foot property has 259 apartment units and sits on 13 acres.

“We loved the submarket,” Paul Daneshrad, CEO of StarPoint Properties, tells GlobeSt.com. “The property is right across from a regional mall, and it is a low-density mid-70s construction. So, a combination of the amenities that the mall provides paired with the onsite amenities that are there and that we are going to add made this property stand out as a leader in its submarket.”

The property has a mix of studio, one-, two- and three-bedroom apartments ranging in size from 400 to 1,125 square feet. StarPoint Properties plans to invest an additional $2.5 million into the property to augment the onsite amenities. The renovation will add a basketball court, theater, a new clubhouse, dog walk, resort style swimming pool and activity amenities, like a small soccer field and a putting green. The property currently has several amenities already, including seven pools, a fitness center, tennis courts, on-site laundry, barbecues and a picnic area. StarPoint's added amenities will elevate the property from a B-class asset to an A-, according to Daneshrad.

“This fits in perfectly with our investment strategy. We are looking for product and investments that have a really high amenity mix,” says Daneshrad. “We are seeing that a lot of newer construction is very high density and low on the amenity mix because land is becoming so expensive, so the demand for low-density properties that are amenity rich seems to be growing.” StarPoint purchased the property with a Freddie Mac loan.

Southern California is one of StarPoint's primary investment markets. Earlier this year, the company purchased medical office building in Beverly Hills, CA, for $40 million.