Author Archives: ipgocorp

StarPoint Properties Acquires off Market Multifamily Community in Claremont for $15.75 Million

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CLAREMONT, CA – StarPoint Properties, an industry leader in acquiring, developing and re-positioning multifamily projects, has bought a 66,703-square-foot multifamily property in Claremont for $15.75 million in an off market transaction. Located at 510 S. Indian Hill Boulevard, Indian Hill Villas is just a few minutes from the prestigious Claremont Colleges. The two-tale, 75-unit property, will undergo a complete $2.1 million renovation that will reposition the complex.

“This asset is located in a prime location within Claremont, just a few blocks from the Claremont Village which has a wide array of restaurants and shopping,” said Paul Daneshrad, CEO of StarPoint Properties. “We plot to ‘rebrand’ the property – renaming it Claremont Park – by modernizing the interiors and exteriors in addition to updating the overall amenity package. We envision the future residents of Claremont Park enjoying the comprehensive amenity package and modern interior finishes on the property, while being able to walk to a diverse selection of local shopping, dining and entertainment that the Claremont Village has to offer.”

Indian Hill Villas currently offers spacious units with configurations ranging from one-bedroom/one-bath, two-bedroom/one and one-half bath and two-bedroom/two-bath. The current community amenities include a spa, sparkling swimming pool, four laundry rooms, fitness center, sauna and an on-site leasing office.

Originally built in 1971, an extensive exterior renovation plot will include updating the pool and cabana area, adding a dog park, a new car washing station, building new private garages, updating the gym with modern equipment and installing free Wi-Fi in gym, pool and cabana areas.

Renovations will also include upgrading each unit as they become vacant with the installation of in-unit washer and dryers, new vinyl plank flooring, a full stainless steel appliance package, new countertops, new cabinets and hardware and environmentally efficient plumbing and light fixtures.

“StarPoint Properties focuses our value-add acquisition strategy on properties situated in the best locations within high barrier to entry submarkets,” said Daneshrad. “Anchored by the favorable asymmetric supply and demand metrics of the Claremont submarket, we believe this asset is ideally positioned to generate strong and stable financial returns.”

Stewart Weston and John Montakab from Institutional Property Advisors represented StarPoint in this off market transaction.

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Our Latest Research Shows More Renters Worried About Paying Bills

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(RECAP: Freddie Mac’s renter research, conducted in September 2016, shows that renters are more satisfied with their rental experience than they were in October 2015. But, they are also more nervous about their finances. Over the past year, a greater number of multifamily and single-family property renters — 20 percent compared to 11 percent last year — feel they sometimes don’t have enough money for basics until the next payday. The Gen X renters are feeling the tightest squeeze with over one-quarter feeling this way. Renters are struggling with managing their debt and over one-third are either extremely or very concerned about potential rent increases in the next 12 months. Dread of eviction because of rising rents is now a reality for at least one in five Americans.)

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Weingarten Realty Acquires Land for Planned Mixed-Use Development in Alexandria, Virginia

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(RECAP: Weingarten Realty announced today the acquisition of 5.2 acres of land at the corner of King and North Beauregard Streets that will be the site of The Gateway Alexandria (“Gateway”), a premier mixed-use project. Once completed, the project will feature 352 multi-housing units, 74 of which will be affordable, 110,000 square feet of retail anchored by Harris Teeter, and 87,000 square feet of office space. Weingarten’s net investment at completion is estimated to be $160 million and will include ownership in the retail, 275 luxury residences and approximately 23,000 square feet of office space.)

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