Town Center Terrace Acquires Multifamily Asset In Paramount For $26.15M

A multifamily property located at 16200 Vermont Avenue in Paramount was recently sold for a total of $26,150,000. The property, known as Town Center Terrace, consists of 158 units with an average price per unit of $165,506. The total square footage of the property is 104,735, resulting in a price per square foot of $249. The sale took place on June 21, 2021, with a cap rate of 2.58% and a gross rent multiplier (GRM) of 13.35. The transaction was facilitated by brokers Rick Raymundo and David Ridgway from Marcus & Millichap on behalf of the buyer and seller, respectively.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $26,150,000
• Units: 158
• Price Per Unit (PPU): $165,506
• Square Footage: 104,735
• Price Per Square Foot (PPSF): $249
• Rate: 2.58%
• Gross Rent Multiplier (GRM): 13.35

Rick Raymundo and David Ridgway, representing Marcus & Millichap, played a pivotal role in facilitating this sale. Their expertise and negotiation skills were instrumental in completing the transaction successfully.