Benedict Canyon Equities CEO Ryan Somers and the West Covina property
StarPoint Properties has sold an apartment complex in West Covina for $74 million, The Real Deal has learned.
The deal reflected one out of two recent StarPoint sales, combining for a total of $122 million, the company announced Monday.
Property records list multifamily investment firm Benedict Canyon Equities as the buyer. However, a source familiar with the deal said that Benedict Canyon will be operating and renovating the asset, but that a third-party source is funding the transaction.
Located at 624 S. Glendora Avenue, the Lafayette Parc Apartments hold 259 units featuring a mix of one, two and three-bedroom residences. There’s also a swimming pool and fitness center on-site.
The deal closed last week, property records show. It last traded in 2014, when Beverly Hills-based StarPoint purchased the complex for $51.8 million.
A spokesperson for StarPoint declined to confirm the identity of the buyer. Benedict Canyon did not respond to requests.
Benedict Canyon, led by CEO Ryan Somers, owns 108 properties, with more than 15,200 units, according to its website. The West L.A.-based firm typically targets Class B assets in need of some repositioning.
Madison Partners brokered both deals.
Roughly 20 miles away in Upland, located east of Claremont, StarPoint sold another multifamily property. The 232-unit property at 1334 W. Foothill Boulevard sold for $48 million to an unnamed buyer, the company also announced Monday.
In a statement, StarPoint said the sales are part of a 1031 exchange, in which an investor is allowed to defer capital gains taxes by reinvesting proceeds from a sale to buy a new property.
Although unconfirmed, it’s likely the firm is exchanging the multifamily properties for a 207,400-square-foot office building at 433 Camden Drive in Beverly Hills. The company is reportedly paying $200 million for the Wells Fargo-anchored property, TRD previously reported.
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