Workforce housing investor pays $100M for Monrovia apartments
A workforce housing investor has acquired a recently built Monrovia apartment complex for $100 million.
Opportunity Housing Group bought the 261-unit property at 228 W. Pomona Avenue, called Moda at Monrovia Station, according to the Los Angeles Business Journal. Opportunity Housing is working as a property administrator for the California Statewide Communities Development Authority and financed the acquisition through bond programs, according to the report.
The sellers were Griffin Capital and Legacy Partners.
Workforce housing is typically priced for households with incomes around the median income for the area; eligible tenants are restricted by income.
Moda’s website lists three available units — a pair of two bedroom units each priced at $2,482 a month, and a one-bedroom unit asking $2,754.
Griffin and Legacy developed the property, which opened in early 2019. It was one of the first new multifamily projects developed near the L.A. Metro’s Monrovia Station that opened in 2016. The station is served by the L line, formerly called the Gold Line.
The area around the station has attracted other developers — Richman Group is building a 296-unit apartment complex just south of the station, and Century West is working on a 310-unit project a block north of the station.
[LABJ] — Dennis Lynch