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- IPA Announces $87.25M Sale of Paragon at Old Town in Monrovia, CA
IPA Announces $87.25M Sale of Paragon at Old Town in Monrovia, CA
Slice of Real Estate Team
August 14, 2024
Key Highlights:
$87.25 million sale of Paragon at Old Town in Monrovia, CA.
163-unit multifamily asset with 6,077 sq ft of retail space.
Located in a submarket with 3.09% vacancy over the past 12 months.
One of only two Los Angeles County assets to trade for over $500,000/unit in the last 12 months.
Source (Business Wire)
Notable Quotes:
“Located in a submarket with 3.09% vacancy over the past 12 months, Paragon at Old Town is a one-of-a-kind, institutionally maintained asset.”
“The sales price reflects the value of the asset’s exceptional location within walking distance of many shopping boutiques and restaurants along Myrtle Avenue, and in Old Town Monrovia.”
Our Take:
The sale of Paragon at Old Town underscores the continued demand for high-quality multifamily assets in strategic locations, even amidst a competitive market. The property's prime location, combined with its strong occupancy rate and premium amenities, contributed to its impressive per-unit sale price. This transaction further highlights IPA's role in facilitating significant investment opportunities within the Los Angeles County market.