MONROVIA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Paragon at Old Town, an apartment community in Monrovia, northeast of Los Angeles. Sequoia Equities sold the asset to SCS Development Co. for $87.2 million, or $535,276 per unit.
Paragon at Old Town features 163 apartments in six floor plans with units ranging from 744 square feet to 1,247 square feet, a resident lounge, fitness center, game room, and elliptical swimming pool and spa with private cabanas, outdoor lounges and courtyards. The 6,077-square-foot ground-floor retail space offers four suites that are fully occupied by The UPS Store, eateries and a sporting goods store.
Joseph Grabiec, Kevin Green and Gregory Harris of IPA represented the seller and procured the buyer in the deal.