Bay Area investors buy Paragon at Old Town apartments for $74M
Sequoia Equities and Dewey Land Company are relatively new to the market
Bay Area investors are moving in on Los Angeles real estate.
Sequoia Equities and Dewey Land Company jointly purchased the 163-unit Paragon at Old Town apartments in Monrovia for nearly $73.8 million in a deal that closed last month, The Real Deal has learned.
The two companies bought the 150,069-square-foot property at 700 South Myrtle Avenue from Cornerstone Real Estate Advisors, which merged with Barings Asset Management and two other firms in 2016.
Rates at the complex range from $2,450 for a one-bedroom to $3,300 for a two-bedroom, according to Apartments.com. Floor plans range from 744 to 1,247 square feet.
This marks the second L.A. property for the Walnut Creek-based Sequoia, which owns 3,648 apartment units around Northern California. The company also owns the 200-unit Brio apartment complex in Glendale, which it purchased in 2014 for $91.5 million.
The purchase is Dewey Land’s first splash into L.A. waters. It primarily operates around San Francisco.
Cornerstone purchased the apartments at 700 South Myrtle Avenue in July 2011 for $58.6 million, property records show.
The Charlotte, N.C.-based firm, which does little work in multifamily assets, currently owns the 801 Tower offices in Downtown. It paid a whopping $197 million for that property in 2014.