Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the sale of Oak Park, a 156-unit multifamily property in Monrovia, California.
“One of only four 100-unit multifamily communities to transact in the San Gabriel Valley over the last two years, Oak Park’s proximity to everyday amenities, local eateries and cafés is a competitive advantage that most multifamily assets in Monrovia will never be able to offer,” said Kevin Green, IPA executive managing director investments. Green and IPA’s Joseph Grabiec, and Gregory Harris represented the seller, Goldrich Kest, and procured the buyer, a private multifamily investment firm. “Oak Park gives new ownership the opportunity to capture rental upside supported by projected average annual rent growth and occupancy in the submarket in the next five years of 5.09% and 96.5%, respectively,” added Grabiec.
Built in 1977 and 1978, the property is adjacent to shopping boutiques and restaurants along Myrtle Avenue, a quarter mile from employers on Huntington Drive, and Interstate 210. The Los Angeles Metro Rail’s A line, which provides access to Pasadena and Downtown Los Angeles is within a mile. Monrovia is home to the corporate headquarters of Trader Joe’s, Naked Juice, Worley, and Roncelli Plastics.
Composed of two three-story buildings, Oak Park has two detached parking garages, and driveway parking. Common area amenities include a courtyard, fitness center, laundry facilities, and a barbecue and picnic area.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
