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. By spending approximately $20,000 per unit, StarPoint was able to increase property rents by 58%. 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. Rebranding the property “The Tower at Hollywood Hills,” StarPoint executed its disposition plan and sold the property for approximately $6,500,000 more than the original acquisition price, resulting in a 42.2% IRR for its investors.
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