A 163-unit mixed-use apartment and retail property in Monrovia has sold for $73.8 million.
Paragon at Old Town, located in Old Town Monrovia at 700 S. Myrtle Ave., is less than a mile from various tech employers on Huntington Drive and the Monrovia Metro Gold Line station, according to the firm.
The Institutional Property Advisors division of brokerage Marcus & Millichap announced the deal on Thursday.
“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 at the Marcus & Millichap’s division.
Planned developments in the area near Paragon at Old Town include Station Square, an 80-acre site near the recently opened light rail station, a depot promenade, and a neighborhood park, said Joe Grabiec, senior managing director at IPA.
Greg Harris, Ron Harris, Kevin Green, a senior director, and Grabiec represented the seller, a global institutional asset management firm. The buyer was Foothill Ranch-based Sequoia Equities Inc.
Real estate reporter Neil Nisperos can be reached at firstname.lastname@example.org. Follow him on Twitter @ReporterNeil for the latest in L.A. real estate news.
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