Bay Area investors buy Paragon at Old Town apartments for $74M

Sequoia Equities and Dewey Land Company are relatively new to the market

700 S Myrtle Avenue (credit: Paragon at Old Town)
700 S Myrtle Avenue (credit: Paragon at Old Town)

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.

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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.