West Covina resi complex sells for $74M

StarPoint Properties was seller, in one of 2 recent sales totaling $122M

TRD LOS ANGELES /
Aug.August 27, 2018 05:30 PM
Benedict Canyon Equities CEO Ryan Somers and the West Covina property

StarPoint Properties has sold an apartment complex in West Covina for $74 million, The Real Deal has learned.

The deal reflected one out of two recent StarPoint sales, combining for a total of $122 million, the company announced Monday.

Property records list multifamily investment firm Benedict Canyon Equities as the buyer. However, a source familiar with the deal said that Benedict Canyon will be operating and renovating the asset, but that a third-party source is funding the transaction.

Located at 624 S. Glendora Avenue, the Lafayette Parc Apartments hold 259 units featuring a mix of one, two and three-bedroom residences. There’s also a swimming pool and fitness center on-site.

The deal closed last week, property records show. It last traded in 2014, when Beverly Hills-based StarPoint purchased the complex for $51.8 million.

A spokesperson for StarPoint declined to confirm the identity of the buyer. Benedict Canyon did not respond to requests.

Benedict Canyon, led by CEO Ryan Somers, owns 108 properties, with more than 15,200 units, according to its website. The West L.A.-based firm typically targets Class B assets in need of some repositioning.

Madison Partners brokered both deals.

Roughly 20 miles away in Upland, located east of Claremont, StarPoint sold another multifamily property. The 232-unit property at 1334 W. Foothill Boulevard sold for $48 million to an unnamed buyer, the company also announced Monday.

In a statement, StarPoint said the sales are part of a 1031 exchange, in which an investor is allowed to defer capital gains taxes by reinvesting proceeds from a sale to buy a new property.

Although unconfirmed, it’s likely the firm is exchanging the multifamily properties for a 207,400-square-foot office building at 433 Camden Drive in Beverly Hills. The company is reportedly paying $200 million for the Wells Fargo-anchored property, TRD previously reported.


Related Articles

arrow_forward_ios
Mike Bannon, California Apartment Association, executive director

Mom-and-pop resi landlords are already struggling

Mom-and-pop resi landlords are already struggling
An illustration of David Lee

A boomtown for a bygone era: Koreatown developers face a reckoning

A boomtown for a bygone era: Koreatown developers face a reckoning
Tani Cantil-Sakauye (Credit: Earl Gibson III/Getty Images)

Landlords sue California over eviction ban

Landlords sue California over eviction ban
Eric Garcetti, Nury Martinez, and Daniel Yukelson (Credit: Marc Flores and Alberto E. Rodriguez via Getty Imahes, Linkedin, and iStock)

LA landlords sue city over residential eviction ban

LA landlords sue city over residential eviction ban
Daniel Yukelson of Apartment Association of Greater L.A. and L.A. City hall (Credit: iStock)

For CA landlords, abysmal is the new normal

For CA landlords, abysmal is the new normal
Daniel Yukelson of Apartment Association of Greater L.A. (Credit: iStock)

Landlords fuming over sexual harassment “reports”

Landlords fuming over sexual harassment “reports”
Kevin Conway, director of acquisitions at IDEAL Capital Group in Clovis (Credit: iStock)

Don’t sound the alarm! CA May rent checks not in freefall

Don’t sound the alarm! CA May rent checks not in freefall
CGI’s Gidi Cohen and the Fedora Street project

CGI scores $48M in construction financing for Koreatown multifamily project

CGI scores $48M in construction financing for Koreatown multifamily project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...