StarPoint Properties LLC today announced a $100 million acquisition program to target San Diego and surrounding areas in 2008, and said it recently closed the first purchase.

The company acquired a circa-1924 apartment building in the Hillcrest area of San Diego in a deal valued at approximately $6.2 million.

The 58-unit complex is located at 1571 University Ave., and includes studio and one-bedroom apartments, as well as two 1,700-square-foot penthouse apartments with 17-foot ceilings.

The Beverly Hills-based company said it plans to renovate the complex, known as “Casa Grande,” yet maintain features such as the original wood flooring and much of the original architectural detailing.

StarPoint Properties is a real estate investment company specializing in multifamily and commercial properties.

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