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LOS ANGELES-StarPoint Properties, a locally based multifamily specialist, has acquired a 10-building, 705-unit portfolio of apartment buildings for $86 million and plans to spend $5.3 million on repositioning the properties. The properties, which comprise 10 buildings, are located in Los Angeles, Granada Hills, Van Nuys, North Hollywood and Canoga Park.

StarPoint acquired the portfolio, which was about 95% occupied, from three different investors, with a New York-based institutional investor as its financial partner. Paul Daneshrad, CEO and president of StarPoint, says that deferred maintenance on most of the properties renders them prime candidates for renovation and repositioning.

The $5.3 million that the company will spend to renovate the portfolio will help bring rents up to market value, Daneshrad says. The properties, which were built between 1940 and 1984, require varying degrees of renovation and upgrades.

According to Daneshrad, very few of the properties have been renovated in the last 20 to 30 years. Improvements will vary among the portfolio’s 705 units, but in general they will include new plumbing, lighting, cabinets, carpet and countertops, with facelifts for the exteriors and other improvements to common areas.

Renovations will begin in November and will continue as tenants move out for the next two to three years. StarPoint expects the improvement program to raise rents by approximately 28%.

StarPoint acquired the properties from two private parties and one institutional investor, all of them based in California. The deals were brokered by Darin Beebower of Madison Partners, Gary Fox of Miller and Desatnik and Chris Thompson of IREA.

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