Institutional Property Advisors (IPA), a division of Marcus & Millichap dedicated to serving the company’s institutional clients, announced today the sale of Oak Park, a 156-unit multifamily property in Monrovia. IPA’s Kevin Green, Joseph Grabiec and Gregory Harris represented the seller, Goldrich Kest, and procured the buyer, a private multifamily investment firm

“One of only four 100-unit multifamily communities to transact in the San Gabriel Valley over the past two years, Oak Park’s proximity to everyday amenities, local eateries and cafés is a competitive advantage that most multifamily assets in Monrovia will never be able to offer,” said Green.

“Oak Park gives new ownership the opportunity to capture rental upside supported by projected average annual rent growth and occupancy in the submarket in the next five years of 5.09% and 96.5%, respectively,” Grabiec added.

Built in 1977 and 1978, the property is adjacent to shopping boutiques and restaurants along Myrtle Avenue, a quarter mile from employers on Huntington Drive and Interstate 210.

Be there on Sept. 11 for insights from multifamily industry leaders, including Marcus & Millichap CEO Hessam Nadji, when Connect Conferences will hold a nationwide in-person event. Register here for Connect Apartments 2025, taking place in Los Angeles at the Fairmont Century Plaza.