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.

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