WALNUT CREEK, CA - Sequoia announces the first of two acquisitions, Paragon at Old Town, a 163-unit luxury apartment building located at the entrance of Old Town Monrovia, CA. The property was developed in 2010 and is comprised of 150,069 square feet of rentable residential space comprised of one and two bedroom homes. Paragon also provides 6,077 square feet of rentable retail space.
Paragon is a well-designed apartment community combining style and sophistication; standing out as one of the most desirable areas in the San Gabriel Valley. Situated on South Myrtle Avenue, Paragon offers residents walkable access to entertainment, restaurants, and shopping boutiques throughout Old Town Monrovia. The community also offers convenient access to the 210 and 605 freeways and is minutes away from Huntington Drive, a highly regarded tech corridor.
Sequoia’s plan includes a $1.4M renovation on the interior of the homes and common areas to update the community’s offerings. Interior improvements will involve high-style, low maintenance features such as quartz countertops, wood-plank inspired flooring, and stainless steel appliances.
Sequoia’s second acquisition of the week was EVIVA Midtown, a six story, 118-unit luxury mid-rise at the convergence of Downtown and Midtown in Sacramento, CA. Built in 2016, EVIVA offers 97,865 square feet of rentable residential studios, one, and two bedroom homes. EVIVA also has 5,639 square feet of rentable commercial space and 124 parking spots in a controlled access, underground garage.
EVIVA Midtown is Sacramento’s first residential building to feature modular construction techniques and is CALGreen certified. Homes are condo style with stainless steel appliances, quartz countertops, nine-foot ceilings, and oversized windows with custom solar screen window coverings. Common areas include an entertaining kitchen, courtyard with fire pit and BBQ, and a Precor Fitness Center. Centrally location to hundreds of restaurants, entertainment, and Capitol Park, EVIVA boasts a Walk Score of 97 and Bike Score of 99, making it an urbanite’s dream.
The acquisition for Paragon at Old Town was facilitated by Gregory Harris and Kevin Green with IPA, Institutional Property Advisors. EVIVA Midtown was facilitated by Marc Ross with CBRE. Sequoia's management arm will provide the day-to-day management services for both buildings.
Source: Sequoia Equities / #Apartments #Multifamily