Marcus & Millichap’s Institutional Property Advisors Closes $87 Million Mixed-Use Asset Sale in California’s San Gabriel Valley
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), has announced the $87.25 million sale of Paragon at Old Town, a mixed-use asset in Monrovia, California. The property consists of 163 multifamily units and 6,077 square feet of ground floor retail, selling for $535,276 per unit. Located in a submarket with 3.09% vacancy over the past 12 months, the asset offers new ownership opportunities for interior renovations and higher returns.
The sale is notable as one of only two Los Angeles County multifamily assets of 150+ units to trade for over $500,000 per unit in the last year. The property's prime location, within walking distance of shopping and dining areas in Old Town Monrovia, contributed to its high value. Paragon at Old Town features resort-style amenities and is situated near major employers and transportation links.
Institutional Property Advisors (IPA), una divisione di Marcus & Millichap (NYSE:MMI), ha annunciato la vendita di 87,25 milioni di dollari di Paragon at Old Town, un attivo a uso misto a Monrovia, California. La proprietà è composta da 163 unità multifamiliari e 6.077 piedi quadrati di retail al piano terra, venduta a 535.276 dollari per unità. Situato in un sottocomparto con 3,09% di disponibilità negli ultimi 12 mesi, l'attivo offre nuove opportunità di proprietà per ristrutturazioni interne e un ritorno maggiore.
La vendita è notevole poiché è uno dei soli due attivi multifamiliari della Contea di Los Angeles con oltre 150 unità a essere scambiati per oltre 500.000 dollari per unità nell'ultimo anno. La posizione privilegiata della proprietà, a pochi passi da negozi e ristoranti nel centro di Monrovia, ha contribuito al suo alto valore. Paragon at Old Town offre servizi in stile resort ed è situato vicino a importanti datori di lavoro e collegamenti di trasporto.
Institutional Property Advisors (IPA), una división de Marcus & Millichap (NYSE:MMI), ha anunciado la venta de 87.25 millones de dólares de Paragon at Old Town, un activo de uso mixto en Monrovia, California. La propiedad consta de 163 unidades multifamiliares y 6,077 pies cuadrados de comercio en la planta baja, vendiéndose a 535,276 dólares por unidad. Ubicado en un submercado con 3.09% de vacantes en los últimos 12 meses, el activo ofrece nuevas oportunidades de propiedad para renovaciones interiores y mayores rendimientos.
La venta es notable ya que es uno de solo dos activos multifamiliares del condado de Los Ángeles de más de 150 unidades que se han vendido por más de 500,000 dólares por unidad en el último año. La ubicación privilegiada de la propiedad, a distancia a pie de áreas comerciales y gastronómicas en Old Town Monrovia, contribuyó a su alto valor. Paragon at Old Town cuenta con comodidades estilo resort y se encuentra cerca de importantes empleadores y conexiones de transporte.
Institutional Property Advisors (IPA)는 Marcus & Millichap (NYSE:MMI)의 한 부서로, 캘리포니아 몬로비아의 파라곤 앳 올드타운 판매를 8,725만 달러에 발표했습니다. 이 자산은 163개 다가구 유닛과 6,077평방피트의 1층 상업공간으로 구성되어 있으며, 유닛당 535,276 달러에 판매되었습니다. 지난 12개월 동안 3.09%의 공실률을 보인 이 지역은 새 소유주에게 내부 리노베이션 및 더 높은 수익을 위한 기회를 제공합니다.
이번 거래는 지난 1년 동안 유닛당 500,000 달러 이상에 거래된 150개 이상의 유닛을 가진 로스앤젤레스 카운티의 다가구 자산 중 두 건의 거래 중 하나라는 점에서 주목할 만합니다. 쇼핑 및 식사 지역과 가까운 프라곤의 뛰어난 위치는 높은 가치에 기여했습니다. 파라곤 앳 올드타운은 리조트 스타일의 편의시설을 갖추고 있으며, 주요 고용주와 교통 연결 고속도로 근처에 위치하고 있습니다.
Institutional Property Advisors (IPA), une division de Marcus & Millichap (NYSE:MMI), a annoncé la vente de 87,25 millions de dollars de Paragon at Old Town, un actif à usage mixte à Monrovia, Californie. La propriété se compose de 163 unités multifamiliales et de 6 077 pieds carrés de commerce au rez-de-chaussée, vendue pour 535 276 dollars par unité. Situé dans un sous-marché avec 3,09 % de vacances au cours des 12 derniers mois, cet actif offre de nouvelles opportunités de propriété pour des rénovations intérieures et des rendements plus élevés.
La vente est notable car elle est l'un des deux seuls actifs multifamiliaux du comté de Los Angeles avec plus de 150 unités à avoir été échangés à plus de 500 000 dollars par unité au cours de la dernière année. L'emplacement privilégié de la propriété, à quelques pas des zones commerçantes et gastronomiques d'Old Town Monrovia, a contribué à sa grande valeur. Paragon at Old Town dispose d'équipements de style resort et est situé à proximité de grands employeurs et des liens de transport.
Institutional Property Advisors (IPA), eine Abteilung von Marcus & Millichap (NYSE:MMI), hat den Verkauf von 87,25 Millionen Dollar für Paragon at Old Town, einem gemischt genutzten Objekt in Monrovia, Kalifornien, bekannt gegeben. Die Immobilie besteht aus 163 Mehrfamilieneinheiten und 6.077 Quadratfuß Einzelhandelsfläche im Erdgeschoss, die zu einem Preis von 535.276 Dollar pro Einheit verkauft wurde. Das Objekt befindet sich in einem Marktsegment mit 3,09 % Leerstand in den letzten 12 Monaten und bietet neue Eigentümerschaftsmöglichkeiten für Innenrenovierungen und höhere Renditen.
Der Verkauf ist bemerkenswert, da es sich um eines von nur zwei Mehrfamilienobjekten im Landkreis Los Angeles mit über 150 Einheiten handelt, die im letzten Jahr zu einem Preis von über 500.000 Dollar pro Einheit gehandelt wurden. Die erstklassige Lage der Immobilie, die zu Fuß von Einkaufs- und Restaurantbereichen in Old Town Monrovia erreichbar ist, trug zu ihrem hohen Wert bei. Paragon at Old Town bietet Annehmlichkeiten im Resort-Stil und liegt in der Nähe wichtiger Arbeitgeber und Verkehrsanbindungen.
- Sale price of $87.25 million, or $535,276 per unit, indicating strong market value
- Low vacancy rate of 3.09% in the submarket over the past 12 months
- Prime location near shopping, dining, and major employers
- 100% occupancy of the retail spaces
- Potential for increased returns through interior renovation opportunities
- None.
Insights
The $87.25 million sale of Paragon at Old Town represents a significant transaction in the Los Angeles County multifamily market. At
This transaction highlights the resilience of well-located, mixed-use properties in suburban markets. Monrovia's Old Town area, with its walkable amenities and proximity to employment hubs, exemplifies the type of location that continues to attract both residents and investors. The per-unit price of $535,276 is notably high for the San Gabriel Valley, reflecting the premium placed on quality assets in supply-constrained submarkets. The property's mix of multifamily and retail components aligns with the growing trend towards live-work-play environments. The full occupancy of the retail space and the diverse tenant mix (including The UPS Store and eateries) demonstrate the strength of the local micro-economy. This sale could potentially set a new benchmark for similar properties in the area, influencing future valuations and investment strategies in the Los Angeles suburban multifamily market.
This transaction reflects a strategic move in the current real estate market. With rising interest rates and economic uncertainties, investors are focusing on high-quality assets in stable submarkets. The $87.25 million price tag for Paragon at Old Town indicates confidence in the property's long-term value proposition. The 3.09% vacancy rate suggests strong demand and potential for rent growth. The property's proximity to major employers and transportation links enhances its appeal to a diverse tenant base. The new owner's plan to enhance interior renovations aligns with the trend of upgrading existing properties to meet evolving tenant preferences and potentially command higher rents. This acquisition strategy balances immediate cash flow from a stabilized asset with upside potential through value-add initiatives, positioning the investment well for both current income and future appreciation in a challenging market environment.
“Located in a submarket with
Grabiec and IPA’s Kevin Green and Gregory Harris represented the seller, Sequoia Equities, and procured the buyer, SCS Development Company, Inc. “The sale is one of only two
The property is under a mile from employers on Huntington Drive, Foothill Freeway/Interstate 210, and a metro stop that runs through
Paragon at Old Town has resort-style community amenities including a resident lounge, club-quality fitness center, game room, elliptical swimming pool and spa with private cabanas, and outdoor lounges and courtyards. There are six floor plans with units ranging from 744 square feet to 1,247 square feet. The four retail suites are
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout
View source version on businesswire.com: https://www.businesswire.com/news/home/20240812511551/en/
Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com
Source: Marcus & Millichap, Inc.
FAQ
What was the sale price of Paragon at Old Town in Monrovia, California?
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