CLAREMONT, Calif.--(BUSINESS WIRE)--StarPoint Properties, an industry leader in acquiring, developing and re-positioning multifamily projects, has purchased 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-story, 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 plan 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 plan 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.
About StarPoint Properties:
StarPoint Properties is a real estate operating company focusing on the acquisition, development and re-development of both multifamily and commercial properties in high-growth sub-markets regionally throughout the United States. Since its inception in 1995, StarPoint has acquired over 7,600 apartment units and 10 million square feet of commercial properties, totaling in excess of $1 billion worth of real estate. It is a fully integrated operating company that acquires and manages its own portfolio, currently valued at $800 million, comprising approximately 2,000 apartment units and over 4 million square feet of commercial properties. www.starpointproperties.com