The 2nd largest transaction of 2004 to date in the Southern California multifamily market was closed today by StarPoint Properties, LLC, a leading real estate company that specializes in the acquisition, development and re-positioning of multifamily projects. The firm purchased Le Club – a 370-unit, garden-style apartment complex located at 51 Majestic Ct. in Moorpark, Calif. at an undisclosed sales price due to confidentiality reasons, but the property was listed at a price of $58.5 million.

Multifamily properties in Southern California are holding their value, and in this case, the location caters to the affluent market. Our analysis clearly demonstrated that Le Club has a great deal of upside potential given the Moorpark location and demographics,” said Paul Daneshrad, CEO of StarPoint Properties. “With an average new home price of over $994,000 and an average household income of over $99,000, Moorpark is one of Ventura County’s premier cities. Once we’ve repositioned the apartment building, through an aggressive $2 million renovation effort, the residents will not only enjoy a better environment, we will be able to increase the value of the complex.”
According to Daneshrad, StarPoint’s renovation will target upscale renters through a remodeling of all the common areas, expansion of the fitness center to 1,000 SF, addition of a business center and a complete upgrade of all the unit interiors. The availability of low cost debt coupled with StarPoint’s strong relationship with ARCS and Fannie Mae, allowed the firm to secure a $40,675,000, 10-year loan with a fixed 4.94% rate.
Built in 1987, Le Club offers spacious 2 bedroom/2 bath and 3 bedroom/2 bath apartments. Each of the 370 units will feature an enclosed garage, washer/dryer, central A/C and heating, dishwasher, garbage disposal, private patio or balcony and a private bath in the master suites. The two and three bedroom units average in size from 820 SF to 1100 SF and rental rates are $1,325 and $1,700 respectively. The garden-style property is ideal for family/community living due to its vast amenities such as four swimming pools, four spas and hot tubs, lighted tennis and basketball courts, a variety of picnic tables with barbecue grills and a fitness center.
The buyer, StarPoint Properties and the seller, a large public REIT, were represented by Stan Jones and John Walsh of Marcus & Millichap.
    StarPoint Properties, LLC is a leading real estate company that specializes in the acquisition, development and re-positioning of multifamily projects in regional markets throughout the nation. The firm, which has been involved in the multifamily market since 1994, currently operates a $250 million portfolio that includes more than 3,000 units and 2.0 million SF of living space. Headquartered in Los Angeles, Calif., StarPoint continues to deliver exceptional returns to its investors, while providing the community safe, quality apartments to its residents. The firm’s success is credited to a unique and focused investment strategy that concentrates on targeting unique, yet underperforming, assets. Additional information is available at www.starpointproperties.com