Monrovia Apartments Trade at $535K Per Unit

Institutional Property Advisors (IPA), a division of Marcus & Millichap, finalized the sale of Paragon at Old Town, a 163-unit multifamily asset with 6,077 square feet of fully leased ground-floor retail in Monrovia. The property sold for $87.25 million, or $535,276 per unit.

“Located in a submarket with 3.09% vacancy over the past 12 months, Paragon at Old Town is a one-of-a-kind, institutionally maintained asset,” said Joseph Grabiec, IPA executive managing director investments. “The acquisition gives new ownership opportunity to enhance the interior renovation scope and focus on higher returns.”

Grabiec and IPA’s Kevin Green and Gregory Harris represented the seller, Sequoia Equities, and procured the buyer, SCS Development Company, Inc. “The sale is one of only two Los Angeles County multifamily assets of 150 units or more and the only one outside of West LA to trade for over $500,000 per unit in the past 12 months,” said Green. “The sales price reflects the value of the asset’s exceptional location within walking distance of many shopping boutiques and restaurants along Myrtle Avenue, and in Old Town Monrovia.”