An Apartment Investor Looks Beyond Buying and Selling
- Apr 16, 2008
Paul Daneshrad thinks 2009 will be a good year to focus on other areas rather than buying and selling. Daneshrad is president and CEO of Starpoint Properties, which specializes in the acquisition, development, and repositioning of multifamily projects, and currently operates a portfolio in excess of $400 million.A major focus at Starpoint this year will be looking at how well the company is doing in property management.“We’re going to take a close look at how well we operate,” Daneshrad said. He said strengthening its property management business should enhance the value of the firm’s multifamily assets, thus boosting their sales price when they are sold in a better market.Starpoint may sell some properties this year, but he emphasizes that it will not be a fire sale.“We’re not a highly motivated seller,” he said. “If we achieve the price we are looking for, we’ll sell.”The firm also owns some retail and office properties. He said any transactions the company does this year will mainly for the benefit of portfolio adjustment, that is, moving from one type to another. For more on the commercial real estate investment market, see “How Long Is the Climb?” in CPN’s April 16 issue (or search for the headline in quotation marks on cpnonline.com).