SCS Development Company, Inc. has purchased a 163-unit multifamily property in Monrovia, California for $87.25 million.
The cost of the asset, called Paragon at Old Town, comes out to $535,276 per unit. Tenants get to choose from six-floor plans, which span from 744 square feet to 1,247 square feet.
Amenities at Paragon at Old Town include a fitness center, game room, swimming pool and spa, resident lounge, outdoor lounges, courtyards, and private cabanas. Plus, the property comes with 6,077 square feet of ground-floor retail. The retail space is fully occupied by restaurants, an undisclosed sporting goods store, and a UPS Store.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
