Marcus & Millichap arranged the sale of the Seasons Senior Apartments at Monrovia in Monrovia, Calif.
The value of the transaction was $22.7 million.
The 125,833-square-foot apartment building, located at 1024 Royal Oaks Drive, was built in 1989 and consists of 241 units situated on a 5.9-acre lot.
The community features a swimming pool, spa and barbecue facilities, along with an accessory building near the center of the property that houses a professional management and leasing office, a central mail facility, and a recreational room with a full kitchen, fireplace, TV lounge and restrooms. There are two laundry rooms on the property. Parking facility includes both carports and open spaces with a total of 175 spaces.
A California-based investment group purchased the asset from a locally based private investor.
Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage operating nationwide.
***
What’s your opinion? Send your Letter to the Editor to opinion@inman.com.
