Located in the attractive West Covina submarket across from a regional mall, Lafayette Parc was identified by StarPoint as a strong value add opportunity. StarPoint spent approximately $12K per unit to enhance all the amenities on site, including adding a brand new leasing center, community room, theater, basketball court, volleyball court, perimeter fence, and fitness center overlooking the pool area. Additionally, StarPoint fully renovated the swim center with a new pool, wading area, flooring, fireplace, and furniture. All together, the renovation transformed the property from Class B to Class A-, and helped StarPoint achieve a 36% rent premium. After a 45 month hold, StarPoint sold the property for $22M more than the original acquisition price, resulting in a 21.9%% IRR for its investors.
