MULTI-FAMILY DIVISION

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StarPoint’s Multi-Family Division focuses on the acquisition and redevelopment of properties in select sub-markets that demonstrate strong undervalued characteristics. We endeavor to maximize the potential at each step in our process from site identification and acquisition through innovative re-design, construction, lease-up and operations. The results are dynamic living spaces which better serve today’s resident needs and become an asset to the community.

By respecting our neighbors and the environment in which we work we create exceptional properties for our customers and partners. Our track record and historical performance demonstrates the success of this philosophy.

Our firm’s expertise is identifying and acquiring underserving or mismanaged properties. As a fully integrated company, we leverage our in-house construction and property management capabilities. We are able to complete construction or renovation projects at substantially lower costs than most other companies in the market and operate efficiently for the benefit of all stakeholders. We collaborate with all constituents including existing or potential tenants, city planners and neighborhood residents to achieve projects which positively impact the community.

We understand that each multi-family project is unique. Whether it is an existing structure that is underutilized or a ground up development project we lean on our expertise to generate the most value for all parties.

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INVESTMENTS

Investment Strategy
PHILOSOPHY

StarPoint’s focus in its multi-family division couples its strategic geographic selection with the acquisition of value-add assets and combines them with a solid operational model to deliver market leading returns.  Our investment philosophy has been shaped over multiple market cycles and we employ cycle theory to the timing of our investments.  StarPoint’s proven multi-family investment philosophy and process is based on four key principles: Product, Markets, Discipline, and Value Creation.

  • Product – Focus on value add product in geographies that show specific fundamentals that will drive demand and rental growth. Leverage our experience and core competencies to ensure we execute at a high level.
  • Markets – We evaluate markets on an annual basis and monitor at over 20 metrics that have proven to be drivers in the multi-family space.
  • Discipline – We use industry-leading and proprietary systems to evaluate opportunities, typically analyzing several hundred deals before selecting one to purchase. We believe real estate to be a cyclical business requiring proper cycle theory and methodologies to mitigate risk and enhance long-term yields.
  • Value Creation –The creation of value is a multifaceted and continuous process. Sophistication in the following areas are a tenet to the success of the business: operations, investment strategy, risk management, deep networks, construction execution, financial analysis, and information technology.
STRATEGIES
  • Value-add opportunities through development, renovation, repositioning, owner mismanagement, operational inefficiencies and geographic synergy.
  • Opportunistic investments which are typically more capital intensive than value-add, but with higher projected returns.
  • Market targeting and arbitrage where we believe there are inefficiencies or catalyst in the market and the pricing does not truly reflect market or potential market fundamentals. Deep market analysis, timing and selection is done semi-annually.
  • Cycle theory and discipline
  • Off-market transactions sourced through our extensive broker network to find investment opportunities that may not always be known to the general investment community.
  • Utilize tax advantages unique to real estate to help maximize returns for our investors.
CRITERIA
  • Target Markets: California, Washington State, Colorado, Florida, Arizona, Nevada, Utah and Texas.
  • Transaction Size:  $5m– $100m
  • Transaction Type:  Value-add & Opportunistic.
Case Studies

La Paz and Meadow Creek Apartments

  • Acquisition Price: $40,000,000
  • Number of Units: 302

CASE SUMMARY:

StarPoint purchased the La Paz and Meadow Creek Apartments. StarPoint immediately upgraded the entryway, and installed new monument signage at the property creating better visibility and increased prospect traffic.  Next, StarPoint upgraded the leasing office and built out a brand new state of the art fitness center.  A theater and business center were added to the property to round out the amenity upgrades.  StarPoint improved the interiors of the units by installing vinyl plank flooring, upgrading to a stainless steel appliance package, installing granite counter-tops and updating the cabinets.

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After

Le Club Apartments

  • Acquisition Price: $57,000,000
  • Number of Units: 370

Case Summary:

StarPoint purchased Le Club Moorpark apartments and began its substantial renovation to the property. The property had below market rents and a low income rent restriction set to expire which allowed StarPoint to rapidly increase rents upon turnover and renovation.  StarPoint installed a new appliance package, updated countertops, new cabinet faces and updated flooring throughout each renovated unit.  The exterior amenities were upgraded by expanding the gym, improving the current leasing office, adding in a playground, and upgrading the main pool area.  Lastly, StarPoint did a major overhaul to the landscaping throughout the property.

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After

The Tower at Hollywood Hills

  • Acquisition Price: $15,250,000
  • Number of Units: 80

Case Summary:

StarPoint purchased the Sterling Apartments.  While the previous owner thought that they had maximized the value and rents at the property, StarPoint saw an opportunity to do a major class A rehab and cater to the Hollywood elite. Its rehabilitation included new appliances, new granite countertops, new wood floors, and new plush carpeting.  StarPoint also updated the gym, pool area and front facade of the property.

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Pipeline

Residential Development in Long Beach

  • Site: 0.5-acre property previously occupied by a Firestone Tire shop
  • Proposed: 108 apartment units with ground-floor, public-serving retail

CASE SUMMARY:

Located in an Opportunity Zone, this disused commercial property in Long Beach was ready to
evolve to better serve the community. The project aims to transform an obsolete tire shop into
contemporary dwelling units, resident amenities, and public facing retail. Seeking to contribute to the
revitalization of the downtown community while creating a world class residential living space, the 7-
story project includes a mix of 1 to 3-bedroom residential units. The ground floor features double height
retail space as well as amenities including a fitness zone, lounge and community areas. The podium deck
provides a pool, outdoor cooking and seating areas as well as stunning ocean views from the roof deck.

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Current Offerings

ALL OFFERINGS HAVE BEEN SOLD OUT AND NO OTHER OFFERINGS ARE CURRENTLY AVAILABLE!