The transaction was one of two recently closed San FernandoValley deals, according to Dean Zander of the Encino office ofHendricks & Partners, who represented StarPoint in the sale andalso brokered the other transaction, the $19.1-million purchase ofa 75-unit complex at 15506 Moorpark St. in Encino by the OrangeCounty office of SSR Realty Advisors.StarPoint, which purchased theCanoga Park property for $26 million from the Bascom Group ofIrvine in July 2003, entered into a sales contract nine monthslater with buyer Skylight Investments of San Francisco. The dealclosed after a five-month escrow. Paul Daneshrad, CEO of StarPointProperties, says that after finding out the property had a recordedcondominium map, the company marketed Forest Glen as a condoconversion project and not as an apartment deal. StarPoint updatedand completed some of the condo requirements and re-packaged theproperty as condos. Zander reports that Skylight, which wasrepresented by Carl Taylor of the Investment Group, plans to spend$2 million in upgrades and expects to begin selling condos at theend of the first quarter 2005. The complex features two- andthree-bedroom townhouse-style units that average nearly 1,200 sf,with rents ranging from $1,010 to $1,625. The eight-acre property,which was 98% occupied at the time of the sale, features severalpools, spa, park, exercise room, a basketball court and otheramenities.In the Encino transaction, SSR bought the 75-unit EncinoGarden from Adler Ventures of Los Angeles, which was the originalbuilder and owner of the project in 1989. Zander, who representedboth the buyer and the seller, tells GlobeSt.com that pension fundadvisor SSR Realty plans major upgrades and a repositioning of whathe describes as an "under-managed trophy building in excellentcondition" that was 100% occupied at the time of the sale. Theproperty consists primarily of two-bedroom units and featuresamenities including a pool, a spa, elevators and undergroundparking.