X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Starpoint Properties has had a busy week. Last week, the firm sold two multifamily assets in Upland and West Covina for a combined $122 million, boasting major appreciation of as high as 201%. This week, the firm has traded those gains into one of the largest office assets in Beverly Hills, purchasing a 12-story, 207,400-square-foot property in Beverly Hills for $193 million. The office acquisition is one of the largest acquisitions in the city this year.

Starpoint sold a 259-unit property located at 624 S. Glendora Ave. in West Covina for $74 million, a 43% increase in value. The investor purchased the property in 2014 for $51.8 million. The second property sold is a 232-unit property located at 1334 W. Foothill Blvd. in Upland for $48.25 million, a 215% increase in value. Starpoint purchased the property in 2001 for $15.18 million. “We found value-add strategies through rehabilitation and amenity upgrades that drove the value,” Paul Daneshrad, CEO of Starpoint Properties, tells Globest.com. “For example, we were able to increase rents at Glendora by 30% within 24 months through our rehab plan. Our expectations were met and as long as the macro economy holds up, the assets should perform well.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

More from this author

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.