(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
MONROVIA, CA-Cornerstone Real Estate Advisers has acquired the 163-unit Paragon at Old Town apartment complex and 5,910 square feet of retail space from Urban Housing Group for $58.6 million. The sale is one of the largest multifamily buildings to close in Southern California during the first half of 2011, according to Ron Harris and Greg Harris of the Institutional Property Advisors division of Marcus & Millichap.
The property, at 700 S. Myrtle Ave., closed escrow at a low-4% cap rate. The apartments were 95% leased and the 5,910-square-foot retail portion was 50% occupied at the close of escrow.
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