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10/20/16
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StarPoint Properties has purchased Indian Hill Villas, a 75-unit multifamily property in Claremont, for $15.75 mil ($210k/unit) in an off-market transaction. Located at 510 S. Indian Hill Blvd, Indian Hill Villas is just a few minutes from the prestigious Claremont Colleges.
Indian Hill Villas currently offers spacious units with configurations ranging from one-bedroom/one-bath, two-bedroom/one and one-half bath and two-bedroom/two-bath. There are a number of community amenities including a spa, sparkling swimming pool, four laundry rooms, fitness center, sauna and an on-site leasing office. Unit amenities include vaulted ceilings, private patios and balconies, air conditioning, breakfast bars and walk-in closets.
Originally built in 1971, the two-story, 66.7k sf property, will undergo a complete $2.1 mil renovation that will reposition the complex. Planned changes will include modernizing the interiors and exteriors in addition to updating the overall amenity package. As part of StarPoint’s rebrand of the property, they will rename it Claremont Park.
The extensive exterior renovation plan will include updating the pool and cabana area with new furniture, adding a dog park, a new car washing station, building new private garages, updating the gym with new, modern equipment and installing free Wi-Fi in gym, pool and cabana areas for residents to enjoy.
Renovations will also include upgrading each unit as they become vacant with the installation of in-unit washer and dryers, new vinyl plank flooring, a full stainless steel appliance package, new countertops, new cabinets and hardware and environmentally efficient plumbing and light fixtures.
Stewart Weston and John Montakab from Institutional Property Advisors represented StarPoint in the transaction.
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