StarPoint Sells 370 Units for Nearly $66M

LOS ANGELES-StarPoint Properties LLC has sold the 370-unit Fountains at Moorpark apartment complex at 51 Majestic Court to Rreef for $65.6 million after repositioning the property. StarPoint spent $2 million to renovate the complex over 15 months, according to Paul Daneshrad, the company's CEO.Daneshrad says StarPoint, which bought the Fountains complex from an affiliate of Archstone-Smith in April 2004, aimed its renovation toward attracting upscale tenants. It boosted rents by 10%, from $1,250 to $1,375 at the property, which was named Le Club when StarPoint bought it but has since been renamed.The renovation program included the remodeling of all the common areas; expansion of the fitness center to 1,000 sf; addition of a business center; and a complete upgrade of all the unit interiors. The remodeling the apartment units included new countertops for all units, refinished cabinets, new lighting fixtures, crown molding, upgraded plumbing and "flat" modern-looking ceilings compared to the old "cottage cheese" style. In addition, Daneshrad explains that the complex suffered from "a serious parking issue" when his firm bought the property, with only 45% of the tenants parking in the individual garages. Now that automatic garage doors have been installed as part of the renovation program, more than 90% of tenants now use the parking garages and the parking problem has been solved.Built in 1987, the Fountains property is a garden-style complex of 24 buildings on a 16-acre site, with units of two and three bedrooms that range in size from 820 sf to 1,100 sf. Its amenities include four swimming pools, four spas and hot tubs, lighted tennis and basketball courts, a variety of picnic tables with barbecue grills and a fitness center.