StarPoint Properties LLC purchased The Village at Granada Hills, a 152-unit apartment building in Northridge, Calif., for $28.6 million, and plans to make significant upgrades.
Built in 1973, the property is located at 10435 Lindley Ave. The individual units will get new cabinets, flooring, granite counters, plumbing and lighting. The units, which are two- and three-bedrooms averaging 983 square feet, will be renovated as residents leave. The complex was 93 percent occupied at the time of purchase.
“This was an excellent added-value opportunity in a solid area,” said Paul Daneshrad, CEO/president of StarPoint Properties. “We will increase the property’s value by completing about $1.5 million in renovations, which includes adding luxury touches to the units.”
StarPoint Properties will begin common-area renovations in October, which will continue for one year. Plans include a new community recreation room, billiard room, manager’s office and enclosed garage.
After renovations are complete, StarPoint Properties expects an Internal Rate of Return (IRR) of more than 25 percent, according to a press statement.
Los Angeles-based StarPoint Properties LLC specializes in the acquisition, re-development and re-positioning of investment properties in markets nationwide.