EL SEGUNDO, CA - Griffin Capital Company, a leading privately-held alternative asset manager, and Legacy Partners, a privately-owned national multifamily development and management firm, announced the sale of MODA at Monrovia Station (“MODA”), a 261-unit, Class A multifamily community located in Monrovia, California.
The property was purchased for $100 million by Opportunity Housing Group as a property administrator for the California Statewide Communities Development Authority (CSCDA). Legacy Partners developed the property in a financial partnership with Griffin Capital and Silverpeak Real Estate Partners. Legacy will continue to manage the community following the sale closing.
“This successful disposition confirms our strategy of developing in-fill Class A apartment communities proximate to major employers with easy access to public transit,” said Eric Kaplan, President of Griffin Capital Private Equity. “The property was over 90 percent leased at the time of sale, a
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. Apr262021
Image courtesy of Griffin Capital Co.
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.
Press release content from Business Wire. The AP news staff was not involved in its creation.
Griffin Capital and Legacy Partners Sell 261-Unit Transit-Oriented Multifamily Community ‘MODA at Monrovia Station’ for $100 Million
April 22, 2021 GMT
MODA at Monrovia Station, Monrovia, California (Photo: Business Wire)
EL SEGUNDO, Calif. (BUSINESS WIRE) Apr 22, 2021
Griffin Capital Company, LLC (“Griffin Capital”), a leading privately-held alternative asset manager, and Legacy Partners (“Legacy”), a privately-owned national multifamily development and management firm, announced today the sale of MODA at Monrovia Station (“MODA”), a 261-unit, Class A multifamily community located in Monrovia, California. The property was purchased for $100 million by Opportunity Housing Group as a property administrator for the California Statewide Communities Development Authority (CSCDA). Legacy Partners developed the property in a financial partnership with Griffin Capital and Silv
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