Developer StarPoint Properties has closed on a 370-unit garden apartment complex in Southern California for roughly $58.5 million. That price makes it Southern California’s second largest apartment sale of the year. The firm secured a $40.6 million, 10-year loan with a fixed 4.94% rate from ARCS and Fannie Mae.

"Multifamily properties in Southern California are holding their value, and in this case the location caters to an affluent market. Our analysis clearly demonstrated that Le Club has a great deal of upside potential given the Moorpark location and demographics," says Paul Daneshard, CEO of Starpoint Properties.

Starpoint plans to spend $2 million renovating the property, a move that Daneshard believes will increase the property’s value. Le Club was sold by an undisclosed public REIT. Marcus & Millichap represented both the buyer and the seller.