Premier Multifamily Asset with Retail Space Sold by IPA for $73.75 Million
MONROVIA, Calif., Sept. 27, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of Paragon at Old Town, a 163-unit mixed-use multifamily and retail asset in Monrovia, California. The property sold for $73.75 million.
“Paragon at Old Town is the only apartment building completed in the last 10 years in Monrovia, a submarket that continues to be one of the most supply-constrained markets in Southern California,” says Greg Harris, executive managing director. “The property is supported by excellent submarket fundamentals, such as vacancy of 2.8 percent in 2016, and average annual household income growth that is projected to increase by 16.8 percent to nearly $107,000 by 2021.”
“One of the area’s premier multifamily assets, Paragon at Old Town has a pedestrian- and mass transit-oriented suburban location,” adds Ron Harris, executive managing director.
The property is located on Myrtle Avenue in the Old Town neighborhood of Monrovia near shopping boutiques and restaurants, less than a mile from the many tech-industry employers on Huntington Drive and within one mile of Monrovia’s Metro Gold Line station, which connects the property to Downtown Los Angeles, approximately 20 miles away.
“Upcoming developments in the area include Station Square, an 80-acre area around the recently opened light rail station that will create a gateway to Monrovia through a transit plaza, a depot promenade, and a neighborhood park, and Lumber Yard at Myrtle Ave., an upscale artisan food and beverage village,” says Joe Grabiec, senior managing director. “Both are less than a mile from Paragon at Old Town.”
Greg Harris, Ron Harris, Kevin Green, senior director, and Grabiec represented the seller, a global institutional asset management firm, and procured the buyer, Sequoia Equities Inc.