(Read more on the multifamily market.)
HOLLYWOOD-StarPoint Properties of Beverly Hills has sold the80-unit Sterling Apartments at 1800 N. Normandie Ave. for $21.7million after acquiring the complex for $15 million in early 2006.The buyer was a New York City-based institutional investor.
Paul Daneshrad, CEO of StarPoint Properties, comments that thecomplex was "a very interesting asset for us because we bought theproperty from very sophisticated sellers who felt they hadmaximized the value and rents in the property." At the timeStarPoint bought the property, GlobeSt.com reported that theBeverly Hills-based firm acquired it from the Kor Group of LosAngeles.
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