(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.
Ron Harris described the asset as “a rare opportunity for the buyer to acquire a meticulously designed core asset in an affluent San Gabriel Valley community." The pedestrian-oriented project was developed by Palo Alto, CA-based Urban Housing and opened its doors in April of 2010, stabilizing in under eight months. The location is near a new stop on the Gold Line commuter rail route that is scheduled to be completed at the corner of Myrtle Avenue and Duarte Road by 2014 and will lead directly into Union Station in Downtown Los Angeles.
The Paragon project consists of a four-story residential building with the retaio space on the ground floor, plus a four-story parking facility. It features six different floor plans of one and two bedrooms, with 82 of them featuring one bedroom and one bath, while the remaining 81 feature two bedrooms and two baths. Common area amenities include a 24-hour fitness center, a resort-style swimming pool with cabanas, a lounge, a gourmet kitchen, a game room, an outdoor lounge and other amenities.
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