StarPoint Properties LLC recently purchased Kingsley Drive Towers, an 83-unit apartment building in Los Angeles, Calif., for $11 million.
Located at 737 S. Kingsley Drive, the fully occupied property features 80 percent market-rate units and 20 percent low-income units.
StarPoint Properties plans to spend $1 million on renovations, which will begin this month and continue for a year. The exterior and common areas will be revamped, with changes to the lobby, leasing office, pool and gym. Individual units will be upgraded with luxury touches such as travertine floors and granite countertops. StarPoint Properties also plans to add a driving range to the property.
“The building is centrally located in Koreatown, just blocks away from the redline MTA station, the Aroma Center and various businesses on Wilshire,” said Paul Daneshrad, CEO/president of StarPoint Properties. “Mid-Wilshire is consistently ‘hot’ due to tight vacancy rates and a high level of appeal to young professionals. We will take advantage of the area’s popularity and renovate the property into a luxury complex.”
The California Housing Finance Agency (CalHFA), which is a state agency that creates affordable housing opportunities for individuals within specified income ranges, sold the property.
Los Angeles-based StarPoint Properties LLC specializes in the acquisition, re-development and re-positioning of investment properties in markets nationwide.