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DEAL OF THE DAY: Rental Building in LA’s Koreatown Sold for $17.3M After Upgrades
Published: July 01, 2008
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By Anuradha Kher, Online News Editor
Los Angeles--StarPoint Properties LLC recently arranged the sale of an 83-unit apartment building for approximately $17.3 million. Located in the heart of Koreatown at 737 S. Kingsley Dr. in Los Angeles, the building was purchased by NF Hawaiian Gardens LP.
StarPoint, which originally purchased the property in August 2006, invested approximately $1 million during the 22-month renovation program, which included upgrading the exterior and common areas as well as the lobby area, leasing office and the pool and gym. In addition, the majority of the units were upgraded to include luxury touches such as travertine floors and granite countertops.
“We saw an opportunity to reposition this complex into a class A property by repositioning it to cater to young professionals looking for the urban experience that is now available in Koreatown,” says Paul Daneshrad, CEO of Beverly Hills-based StarPoint Properties. “This location is just blocks away from the Redline MTA station, as well as a myriad of restaurants and other venues. As a result, we were able to take advantage of this changing population, by increasing the value of this asset.”
While the primary component of the rehabilitation was geared toward the growing up-scale, young professional, a portion of the units were set aside for low-income housing.
