StarPoint Embarks on $100 Mil San Diego Apartment Investment Program

Now that its been a couple of years since the once-insatiable demand for apartment properties in San Diego by condo converters has pretty much disappeared, investment activity and pricing for apartments has settled down noticeably. One big SoCal apartment investment firm that has taken note of this is Beverly Hills-based StarPoint Properties, which just announced a $100 mil acquisition program for 2008 that targets assets in San Diego and the surrounding areas.

StarPoint just closed on the program’s first purchase, a circa-1924 apartment building located in the city’s Hillcrest area. The 58-unit complex, located at 1571 University Ave, sold for roughly $6.2 mil ($106.9k/unit).

“Until recently, we were priced out of the San Diego market because of condo conversions,” said Paul Daneshrad, CEO/president of StarPoint Properties. “Now, the market is opening up, allowing us to buy at apartment pricing. Given the strength of the market’s overall fundamentals, such as its future growth and the limited supply, it is a perfect time for us to re-enter the market.”

The Beverly Hills-based company plans to renovate the complex, known as “Casa Grande,” yet maintain features such as the original wood flooring and much of the original architectural detailing. The complex, which is comprised of studio and one-bedroom apartments, also includes two 1700-square-foot penthouse apartments with 17-foot ceilings that highlight sweeping views of the area.

“This complex has been a part of the Hillcrest community almost as long as the community has existed,” said Daneshrad. “While it was originally built as a hotel, it was converted to apartments about 50 years ago. Today, it is a prime location, within walking distance of all the trendy shops and restaurants. Our goal is to participate in the area’s urban rejuvenation and make this a luxuriously stylish building for not only the residents, but the community as well.”

Current plans include upgrading the interiors of the apartments, as well as enhancing the garden-style common areas and spacious lobby entrance. In addition, new features, such as a fitness center and additional storage areas, are planned.

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source: rentv.com