OXNARD, CA-StarPoint Properties LLC of Los Angeles has sold its 157-unit Mira Loma Apartments, a 14-acre project at 1600 W. Fifth St., to a Los Angeles-based individual investor for $14.4 million after holding the World War II era property for 16 months. The Mira Loma is a group of 28 single-story buildings that was constructed between 1940 and 1960 by the US military. It served as housing for Air Force pilots and their families during World War II and afterward, then was sold to private owners. Paul Daneshrad, CEO of StarPoint, describes the complex as a “truly unique property” that StarPoint acquired at far below market value for $9.6 million and turned around in what was a management play as opposed to the renovations and rehabilitations that are often required to add value to multifamily investments. Daneshrad tells GlobeSt.com that occupancy was about 95% when StarPoint acquired the property, but rent collections lagged significantly behind the occupancy figure. StarPoint improved the tenant base, he says, resulting in a substantially higher rent collection rate and a higher occupancy. The property was 99% occupied at the time of the recent sale, which was brokered by Ron Harris of Marcus & Millichap. The Mira Loma buildings are of wood frame and stucco construction, ranging from 450 sf to 1,000 sf, with rents ranging from $750 to $1,200. StarPoint’s sale of the Oxnard complex follows its recent acquisition of the 370-unit Le Club apartment complex in Moorpark, where the firm plans $2 million in renovations. The company specializes in the acquisition, development and re-positioning of multifamily projects in regional markets throughout the nation. It operates a $250 million portfolio that includes more than 3,000 units.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



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 © 2024 ALM Global, LLC. All Rights Reserved.