LOS ANGELES-StarPoint Properties LLC has acquired 302 units from the Kor Group of Los Angeles at the La Paz and Meadow Creek apartment complexes for $40 million. The L.A.-based apartment investment and development specialist plans renovations and repositioning for both, according to Paul Daneshrad, president and CEO of StarPoint.
The La Paz is at 160 S. Virgil and Meadow Creek is at 136 S. Virgil in the Koreatown district, which has attracted increasing investment in recent years as the office, retail and residential markets there have flourished. The two properties "are in a prime stage for renovation and a repositioning" because maintenance has been deferred at both for some time, upgrades have not been implemented and the complexes both stand to benefit substantially from more efficient management, according to Daneshrad.
StarPoint plans to spend more than $2 million, or $7,500 per unit, as part of its rehab and repositioning program, which will renovate all of the units and upgrade the common areas. It expects to raise rents by 15% and plans to sell the properties in 12 to 24 months. StarPoint Properties and the Kor Group were both represented by Kitty Wallace of Sperry Van Ness.
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