MONROVIA, CA – Institutional Property Advisors (IPA), a boutique brokerage platform serving the needs of institutional and major private investors, has arranged the sale of Paragon at Old Town (top left photo), a 163-unit 150,069-square foot mixed-use apartment community in Monrovia. The sales price of $58.6 million equates to $359,509 per unit and $376 per square foot. IPA is a division of Marcus & Millichap Real Estate Investment Services.
Ron Harris (middle right photo), an executive vice president in Los Angeles, and Greg Harris, an executive vice president in Encino, represented the seller, Urban Housing Group and the buyer, Cornerstone Real Estate Advisers LLC. The Harrises are not related.
“Paragon at Old Town has differentiated itself from the rest of the competitive product in the area and stands tall as a premier Los Angeles County asset,” says Ron Harris. “The property experienced an expedient lease-up and effective rents have increased substantially following stabilization in the fourth quarter of 2010.”
“This was a rare opportunity to acquire a meticulously designed core asset in the Los Angeles marketplace,” adds Greg Harris.
Built in 2010, the property is located at 700 South Myrtle Ave., just steps away from the high-end restaurants and boutiques of Old Town Monrovia.
Paragon at Old Town’s residents enjoy an amenity package that includes a state-of-the-art 24-hour fitness center with cardio stations equipped with individual LCD televisions, a resort-style elliptical swimming pool with a spa, sun deck and private cabanas.
The apartments feature gourmet kitchens with black appliance packages, high-end fixtures, gas ranges, granite countertops and hardwood cabinetry.
Other apartment amenities include stately nine- or 10-foot ceilings, hardwood flooring, deep soaking tubs, large walk-in closets, full-size washer/dryers, central air conditioning and heating and private balconies/patios.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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