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StarPoint Properties Makes $52M Multifamily Buy

WEST COVINA, CA—The investor buys Lafayette Parc Apartments, a 236,000-square-foot 259-unit property with plans to invest an additional $2.5 million for amenities, GlobeSt.com reports EXCLUSIVELY.

By Kelsi Maree Borland | Updated on November 17, 2014

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.”

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