Opportunity Housing Group Buys California Property for $100M
Institutional Property Advisors represented the sellers in the disposition of the 261-unit community in Monrovia, Calif.
MODA at Monrovia Station, a transit-oriented apartment community in Monrovia, Calif., has changed hands. Opportunity Housing Group purchased the 2019-built, 261-unit property for $100 million from a partnership between Griffin Capital Co. LLC and Legacy Partners.
Opportunity Housing Group serves as a property administrator for the California Statewide Communities Development Authority (CSDDA). Legacy Partners, which developed the property in a financial partnership with Griffin Capital and Silverpeak Real Estate Partners, will continue to manage the community once the sale closes.
Several months ago, a Monrovia-based firm sold a Berkeley, Calif. senior community.
The five-story MODA at Monrovia features masonry construction and offers one- and two-bedroom apartments. Features and finishes include in-unit washer-dryer, above-average ceiling heights, microwave ovens, high-speed Internet access and, in select apartments, built-in linen closets. A 4,000-square-foot rooftop terrace is among the list of common-area amenities.
Griffin Capital and Legacy Partners were represented in the sale by Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap.
MODA at Monrovia Station was more than 90 percent leased at the time of the sale. Location represents one of the reasons for its popularity with renters, Griffin Capital said in a prepared statement. The apartment community stands adjacent to the Gold Line at Monrovia Station and is situated less than 1 mile from Old Town Monrovia.
A three-to-four-minute drive takes residents to three different shopping centers. Azusa Pacific University, Citrus College and Pasadena City College are each within an 8- to 9-mile drive. Several parks and recreational opportunities are located within 7 miles, including Chilao Visitor Center, Grassy Hollow Visitor Center, Los Angeles County Arboretum and Santa Fe Dam Recreation Area and Nature Center.