Opportunity Housing Group and CSCDA Acquire 261-unit Complex in Monrovia for $100MM
(EDITOR’S NOTE: According to a source familiar with the transaction, the property traded for $100 million, or about $383,142 per unit.)
Monrovia, CA (Apr. 20, 2021) — Opportunity Housing Group (OHG), a Danville CA-based company creating workforce housing for Californians, today announced the acquisition of the MODA at Monrovia Station apartments, a 261-unit property that will now be preserved for middle-income workers in the San Gabriel Valley of Los Angeles County. OHG, as the Administrator, partnered with the California Statewide Communities Development Authority (CSCDA) to acquire the market-rate apartments using the CSCDA Workforce Housing Program. Under this structure, middle-income workers including teachers, first responders, civil employees and others are offered discounted rents at the property that align with their incomes and have capped annual increases. The seller is a joint venture of Legacy Partners and Griffin Capital.
“This is a unique program to provide housing for the essential workers in our cities, which is a demographic that is consistently overlooked both in traditional market-rate and affordable housing development.” said Lauren Seaver, President of OHG. “Providing high-quality housing at reasonable rents is one of the biggest challenges facing California today. OHG is proud to work with CSCDA and the City of Monrovia to deliver this scarce resource.”
Located on the “L” Metro Transit line at 228 West Pomona Ave., MODA at Monrovia Station offers one- and two-bedroom apartments and features a swimming pool, spa, courtyard with barbecue grills, rooftop sundeck with outdoor kitchen, meeting rooms/business center, fitness center and a 6-level parking garage.
OHG was founded by the principals of Blake Griggs Properties. It works closely with cities and public entities to meet housing and economic goals and foster success and growth in local communities. Its mission is to drive economic stability through giving Californians the opportunity to live in the communities where they work.
About Opportunity Housing Group
Danville, CA-based Opportunity Housing Group, Inc. (OHG) was founded to provide communities in California with immediate access to housing at reasonable rents. Through our creativity, experience and partnerships with governmental agencies, OHG works to maximize the supply of this scarce resource, creating opportunity for housing for working Californians. OHG’s principals have a proven track record in all aspects of multifamily housing, including acquisitions, operations, entitlement and development. The principals have led the acquisition of over $1.3 billion in multifamily real estate over their careers, including over 6,150 multifamily units, and the development of over $4.8 billion of real estate, including 7,750 multifamily units, extended stay hotels, retail and for-sale homes throughout California and the western states. The principals have experience with multiple public-private projects with redevelopment agencies and have been fiduciary managers and partners with multiple large institutional investors and lenders. For more information, visit www.opportunityhousinggroup.com/