Apartment Complex in L.A.’s San Gabriel Valley Trades for North of $500K Per Unit
The property went for $87 million total after having last sold for $74 million seven years ago
By Greg Cornfield August 13, 2024 12:55 pm
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The owner of a 163-unit multifamily property in Los Angeles’ San Gabriel Valley has unloaded the asset after seven years.
Sequoia Equities sold the Paragon at Old Town in Monrovia, Calif., to SCS Development Company for $87.3 million, or $535,276 per unit. Joseph Grabiec, Kevin Green and Gregory Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap (MMI), announced the deal and represented the seller.
The property last sold for $73.8 million in August 2017, and for $58.6 million in 2011, property records show.
The property at 700 South Myrtle Avenue includes 6,077 square feet of ground-floor retail suites that are fully leased to UPS, eateries and a sporting goods store. It also features a resident lounge, a fitness center, a game room, an elliptical swimming pool and spa with cabanas, and outdoor lounges and courtyards. There are six floor plans with units ranging from 744 square feet to 1,247 square feet.
Green said the sale is one of only two assets in L.A. County with over 150 units to trade for more than $500,000 per unit in the past 12 months. Grabiec said Paragon at Old Town is in a submarket with a 3.1 percent vacancy rate.
“The acquisition gives new ownership an opportunity to enhance the interior renovation scope and focus on higher returns,” Grabiec said in a statement.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
