Los Angeles-Area Property Trades for $26M

Town Center Terrace had been on the market for the first time in 38 years.
Town Center Terrace. Image courtesy of Marcus & Millichap

MPCO has sold Town Center Terrace, a 158-unit property in Paramount, Calif., for $26.2 million. Marcus & Millichap brokered the transaction.

Rick Raymundo, senior managing director of Investments & executive director of the firm’s National Multi Housing Group, closed the transaction at a 2.6 capitalization rate. Sold by the developer, the property changed hands for the first time since its construction in 1984. 

Town Center Terrace, located at 16200 Vermont Ave., is subject to an expiring senior housing covenant. The three-story property features one-bedroom floorplans, with apartments spanning 520 square feet. Amenities include controlled access, on-site laundry facilities and 92 grade-level parking spaces. Residents also have access to a stand-alone rental office.

The community is close to several shopping and dining venues, as well as medical centers including Kindred Hospital and Parkview Community Hospital. The property provides access to California State Route 91.

Earlier this month, another Marcus & Millichap team facilitated the sale of  Basswood Manor, a 212-unit community in Lewisville, Texas. The team involved Senior Managing Director Al Silva and First Vice President of Investments Ford Braly.