**IPA Brokers Sale of 156-Unit Oak Park Apartments in Monrovia**
Institutional Property Advisors (IPA), a division of Marcus & Millichap focused on serving institutional clients, has announced the sale of Oak Park, a 156-unit multifamily community located in Monrovia, California.
IPA’s Kevin Green, Joseph Grabiec, and Gregory Harris represented the seller, Goldrich Kest, and also secured the buyer, a private multifamily investment firm.
“Oak Park is one of only four 100-unit multifamily communities to trade in the San Gabriel Valley over the past two years,” said Kevin Green. “Its proximity to everyday amenities, local eateries, and cafés gives it a competitive edge that most multifamily properties in Monrovia lack.”
Joseph Grabiec added, “The property offers upside potential for the new ownership, with projected average annual rent growth of 5.09% and submarket occupancy forecasts reaching 96.5% over the next five years.”
Oak Park was built in 1977 and 1978. It is situated near shopping boutiques and dining establishments along Myrtle Avenue and lies just a quarter-mile from major employers on Huntington Drive and Interstate 210.
