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BURBANK, CA-StarPoint Properties of Beverly Hills has acquired a 54-unit apartment complex at 1800 Grismer Ave. for $11.5 million and plans to spend $1 million on renovations in a repositioning play. The location is near a major media hub of employment that includes companies such as Yahoo, as well as all the major studios, notes Paul Daneshrad, CEO of the Beverly Hills-based specialist in the acquisition, redevelopment and repositioning of multifamily and commercial properties.

Among the factors Daneshrad cites that made the investment appealing for his firm are the area’s strong employment base, an average annual household income of more than $69,000 and median single-family home prices hovering at $762,000. The three-level complex, which consists of both one- and two-bedroom units, was purchased from the original developer.

The property has not been upgraded since the original construction, which was completed in 1985. StarPoint plans to renovate the entire complex, upgrading the exterior and all the common areas, as well as fully renovating the interiors of each unit.

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