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October 6, 2004

Within Nine-Months - StarPoint Sells Forest Glen for $34 Million
Resulting in an ROI in Excess of 115%

CANOGA PARK, Calif. - StarPoint Properties, LLC, a leading real estate company that specializes in the acquisition, development and re-positioning of multifamily projects, has sold Forest Glen Townhomes - a 204-unit multifamily property located at 20218 Cohasset St. in Canoga Park, Calif. Last July, StarPoint purchased the property for $26 million from The Bascom Group and nine-months later, entered into a sales contract with the buyer - Skylight Investments for a sale at $34 million. After a five-month escrow, the property transaction closed in September.

"We saw Forest Glen as a strategic marketing opportunity which needed to be maximized. After finding out the property had a recorded condominium map, we knew this building needed to be marketed correctly as a condo project and not as a multi-family project," said Paul Daneshrad, CEO of StarPoint Properties. "We updated and completed some of the condo requirements and re-packaged the property by marketing the units as condos."

The seller, StarPoint Properties, was represented by Dean Zander of Hendricks & Partners. The buyer, Skylight Investments, was represented by Carl Taylor of The Investment Group.

"There are several strategies that can be pursued when trying to achieve high yields on a multi-family investment. Rehabilitation, repositioning, adaptive re-use, re-development and even your marketing or exit strategy are potential value creation methodologies," said Daneshrad. "The key is to have the experience, market knowledge and management team to execute on the right methodology. Never underestimate the power of marketing."

About Forest Glen Townhomes

Forest Glen Townhomes are fully remodeled apartment homes that offer 1/bed & 1/bath to 3 bedrooms & 1 bath with rents ranging from $1010 to $1625. Some of the properties' amenities include swimming and wading pools, a community fitness center and a basketball court. Forest Glen offers convenient access to the 101 and 405 Freeways and minutes from the Topanga Plaza Promenade Mall and Warner Center.
Copyright by StarPoint Properties, LLC 2003