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11/20/14
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StarPoint Properties has purchased Lafayette Parc Apartments, a 259-unit, 236k sf property in West Covina. Located at 624 South Glendora Ave, south of I-10 and west of Azusa Ave, the property sold for $51.75 mil ($200k/unit). The name of the seller was not disclosed.
Built in 1964, Lafayette Parc Apartments sits on more than 13 acres and currently has a 97 percent occupancy rate. Configurations include floor plans varying in size from studio to three-bedroom, ranging in size from 400 sf to 1.1k sf. The complex offers many amenities for residents, including seven pools, a fitness center, tennis and basketball courts, on-site laundry as well as barbecues and a picnic area.
StarPoint’s renovation plans will focus primarily on upgrading the common areas of the complex, including building a new state-of-the-art leasing office, upgrading and expanding the main pool to include cabanas and a new barbecue/lounge area, installing a new spa, building a new fitness center to overlook the pool, installing a sand volleyball court, resurfacing the existing basketball court and tennis court, installing a soccer field and dog park, and building a theatre for residents. Additionally, some of the existing carports will be converted to garages, and perimeter gates will be installed around the property line.
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