HOLLYWOOD, CA-StarPoint Properties of Los Angeles has acquired an 80-unit apartment complex at 1800 N. Normandie Ave. from the Kor Group of Los Angeles and plans a $1.8-million renovation program. StarPoint, a multifamily specialist, paid just over $15 million for the property, which is known as Sterling Apartments.
The three-story building, which was more than 96% occupied at the time of the sale, holds the potential for conversion to condominiums, says Paul Daneshrad, president and CEO of StarPoint Properties. StarPoint acquired the complex in a deal brokered by Kitty Wallace of Sperry Van Ness, who represented both the buyer and the seller.
The 80-unit property comprises lofts, studios and units of one and two bedrooms at rents ranging from $875 to $1,500. Common area features include a heated pool and spa, a fitness center, laundry facilities, a sauna, covered parking and a gated entrance.
The StarPoint renovation effort will include fully rehabbing the common areas and updating all kitchens with stainless steel appliances, maple cabinets, black granite counter tops and hardwood floors. In addition, each unit will get new bathrooms with modern fixtures.
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