CA Property Sold for $74M
- Sep 29, 2017
IPA sold Paragon at Old Town in Monrovia, Calif., for $74 million to Sequoia Equities. The 163-unit property consists of one- and two-bedroom apartments totaling 150,069 square feet of rentable residential space. Also, Paragon offers 6,077 square feet of retail space for leasing.
“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,” said Greg Harris, executive managing director of IPA, in prepared remarks.
Paragon is located at the entrance in Old Town Monrovia, at 700 S. Myrtle Ave., and provides easy access to entertainment, restaurants and shopping boutiques. Also, the property is less than a mile away from Huntington Drive, a corridor for tech-industry employers. Paragon is within one mile of Monrovia’s Metro Gold Line Station, which connects the property to downtown Los Angeles, located approximately 20 miles away.
Common amenities include:
- entertaining kitchen
- heated swimming pool and spa
- four secluded courtyards with outdoor seating
- 24-hour fitness center
- gated parking garage
The buyer’s plan includes a $1.4 million interior renovation of the apartments and common areas to update the community’s offerings. Improvements will include high-style, low maintenance features such as quartz countertops, wood-plank inspired flooring and stainless steel appliances.
Sequoia Equities also purchased Eviva Midtown, a six story, 118-unit apartment in Sacramento this month. The company acquired the property for a record price.
Image courtesy of IPA