Properties | Paragon at Old Town

Paragon at Old Town

163 Unit Luxury Apartment Community

700 S Myrtle Ave | Monrovia, CA

Sales Price: $73,750,000

Buyer: Sequoia Equities

Units: 163

Price per Unit: $452,454

Price per Sq. Ft.: $461.55

Current CAP: 4.35%

Current GRM: 14.88

Market CAP: 4.80%

Market GRM: 14.03

Year Built: 2010

Lot Size Sq. Ft.: 131,386

Gross Bldg. Sq. Ft.: 159,788

Close of Escrow: 8/29/17

The Harris Group, as the exclusive listing agent, is pleased to present the opportunity to acquire Paragon at Old Town, a core 163-unit pedestrian-oriented mixed-use multifamily community located in Old Town Monrovia, one of the most desirable areas in the San Gabriel Valley of Los Angeles County. Constructed in 2010, Paragon at Old Town represents an opportunity to acquire an institutional quality class “A” asset in a premier location surrounded by immediate demand drivers. 

    • A Sizeable Asset (163 Units) Class “A” Multifamily Housing Community in the San Gabriel Valley Submarket
    • Features a Resort-Style Community Amenity Package Including a Resident Lounge with Entertaining Kitchen, Fireplace & Flat Screen TV, Club-Quality Fitness Center, Game Room with Billiards Table, Sun Deck, Elliptical Swimming Pool & Spa with Individual Private Cabanas, Outdoor Fireplace & Lounge, and Four Secluded Courtyards with Outdoor Seating
    • Rare Pedestrian Oriented Suburban Location, with a Walk Score of “91”, At the Entrance to Old Town Monrovia Boutiques and Restaurants
    • Paragon at Old Town is 1 of 8 Buildings Built Since 2000 in the San Gabriel Valley - a 200-Square-Mile Area
    • Transit Oriented Location within 1 Mile from the New Metro Gold Line Station, Connecting East to Ontario Airport and West to Pasadena and Downtown Los Angeles
      • Located Near Huntington Drive Tech and Commercial Corridor Featuring a Cluster of High-Tech, Bio-Tech and Aerospace Companies Such as Miyachi Unitek, Starr Surgical, AeroVironment, Ducommon Aerostructures, ITT Excelis and 3M
      • Monrovia Has over 8 Million Square Feet of Existing Commercial and Industrial Space with a Low Vacancy Rate (3.6%)
      • Home to Numerous Corporate Headquarters Including Trader Joe’s, Naked Juice, Worley Parsons, Roncelli Plastics, and 2 Miles from City of Hope Hospital (1,200 employees)