Press Release (ePRNews.com) - BEVERLY HILLS, Calif. - Mar 16, 2017 - StarPoint Properties has awarded commercial real estate broker Stewart Weston with a 2017 Porsche 911 for bringing the greatest off-market deal volume in 2016 to the Beverly Hills-based real estate investment firm.
The Porsche giveaway, valued at more than $100,000, was the culmination of a year-long broker incentive program, which also included commission bonuses upon closing of all off-market transactions. The program was offered to commercial real estate brokers nationally. The company initiative generated more than 250 off-market multifamily and commercial investment opportunities from both large and small brokerage firms throughout the U.S.
“We recognize the importance of our broker relationships and the value they bring to our business,” said StarPoint CEO Paul Daneshrad. “This initiative was as much a show of our appreciation as it was an incentive program and means to develop new relationships. We felt that a prize of this magnitude would also indicate how seriously committed we are in working with the brokerage community to locate and acquire the right assets”.
Daneshrad said that this program is being offered again this year.
Weston brought $150 million in potential investments to StarPoint last year. Among them was Indian Hill Villas, a 75-unit apartment community in Claremont, CA, which StarPoint acquired for $15.75 million in November 2016.
“My motivation has always been to generate the best possible results for my clients,” said Weston. “My partner John Montakab and I work very hard to identify the most likely buyers for assets we bring to market. I brought several potential deals to StarPoint only because the transactions made sense for both parties at the time. With Indian Hill Villas, StarPoint performed per the contract and closed as originally negotiated, and everyone benefitted from the smooth and quick close. Winning the car was a complete surprise and I see it as StarPoint’s recognition of our hard work, for which I’m very grateful.”
“Claremont is an extremely desirable foothill community with limited inventory and extremely high barriers to entry,” added StarPoint’s Director of Multifamily Acquisitions Michael Mortimer. “Without the help of Stew and John, we would not have been able to seize on this incredible opportunity that is certain to generate strong and stable financial returns for StarPoint and its investors.”
StarPoint has begun a $2.1 million capital improvement program to reposition the vintage 1970s apartment community. Plans call for extensive interior and exterior renovations, as well as upgrades to the existing pool and cabana areas and fitness center. StarPoint also will add a new dog park, car washing station and private garages.
About StarPoint Properties:
StarPoint Properties (http://www.starpointproperties.com) is a real estate operating company focusing on the acquisition, development and re-development of both multifamily and commercial properties in high-growth sub-markets regionally throughout the United States. Since its inception in 1995, StarPoint has acquired over 7,600 apartment units and 10 million square feet of commercial properties, totaling in excess of $1 billion worth of real estate. It is a fully integrated operating company that acquires and manages its own portfolio, currently valued at $800 million, comprising approximately 2,000 apartment units and over 4 million square feet of commercial properties.