In Monrovia, the Paragon at Old Town has been sold for $87.25 million by Institutional Property Advisors (IPA), a division of Marcus & Millichap. This multifamily property consists of 163 units and also includes 6,077 square feet of fully leased ground-floor retail space.
According to Joseph Grabiec, executive managing director investments at IPA, this property is unique in its institutional maintenance and location within a submarket with only 3.09% vacancy over the past year. The sale provides an opportunity for new ownership to improve upon interior renovations and increase returns.
The seller, Sequoia Equities was represented by Grabiec along with Kevin Green and Gregory Harris from IPA who also procured the buyer SCS Development Company Inc. In addition to being one of only two multifamily assets in Los Angeles County with over 150 units that have traded in the past year, it is also currently the only one outside West LA that has sold for more than $500k per unit.
Green notes that this high sales price reflects not just on its prime location near popular shopping boutiques and restaurants along Myrtle Avenue but also within Old Town Monrovia itself.
