BEVERLY HILLS, CA / ACCESSWIRE / April 20, 2021 / StarPoint Properties, a real estate investment and operating company founded in 1995, announced it has purchased Dobson Station, a 6.07 acre plot of land located in a Qualified Opportunity Zone ("QOZ") at the intersection of Dobson Rd. & Main St. in Mesa, Arizona. The site is adjacent to a light rail station and has multiple grocery and dining options nearby. It is just over one mile to Riverview and Union Class A office project and three miles to Arizona State University Main Campus in Tempe, Arizona.
"StarPoint is excited about this Opportunity Zone acquisition," said Sandy Schmid, Senior Vice President of Acquisitions and Development for StarPoint Properties. "The property at Dobson Station is in a high growth market with unprecedented demand. We are planning to develop up to 220 generously-sized apartments at modest rents. It's the right asset class in the right location."
The property is located in the burgeoning Asian District in Mesa with approximately 285,000 jobs within a five mile radius. It is approved for development of 220 multi-family units in a residential apartment building that will feature an indoor-outdoor social area with a pool and recreational space, as well as a fitness center and coworking spaces.
The site is also eligible for an 8-year abatement of property taxes, subject to negotiation with the city. The value of the abatement is the savings of the estimated amount of property tax an owner would expect to pay over the 8-year period, less an annual in-lieu payment to the city that would provide funding to local school districts and administrative costs. Property tax estimates for new apartment products at this location are $1,600 - $1,700 per unit per year.
ABOUT STARPOINT PROPERTIES
StarPoint Properties is a real estate investment and operating company with a 25 year track record of delivering exceptional market returns to its investors by focusing on the acquisition, development and redevelopment of under-valued multifamily and commercial properties. The primary goal of the firm is to deliver asymmetrical risk-adjusted returns and to outperform most other alternative investment vehicles. StarPoint Properties is located at 433 N. Camden Drive, Suite 1000 in Beverly Hills, CA 90210. For more information, call 310.247-0550, visit www.starpointproperties.com or email [email protected].
SOURCE: StarPoint Properties