Legacy Partners along Griffin Capital and Silverpeak Real Estate Partners has sold MODA at Monrovia Station for $100 million to Opportunity Housing Group, which is serving as property administrator for California Statewide Communities Development Authority. The property is a 261-unit transit-oriented development in Monrovia.
Legacy Partners signed a ground lease for the project in 2016, and the project delivered in 2018. At the time of the sale, the property was 90% leased, helping to secure a strong sale price that generated an attractive risk-adjusted return for investors, according to Eric Kaplan, president of Griffin Capital Private Equity.
MODA at Monrovia Station is adjacent to the Gold Line at Monrovia Station, but the area has been hailed as a transit-oriented hub in the city with a shopping and entertainment district around the station, which includes restaurants and entertainment. The city expects that this district will fuel growth in the market.
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Kelsi Maree Borland
