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, and the sale price generated an attractive risk-adjusted return for our investors.”
“Griffin Capital has been a great long-time partner of ours,” said Timothy O’Brien, Senior Managing Director of Legacy Partners. “Our MODA community has been highly successful, and exemplifies the need for and interest in transit-oriented developments. We look forward to continuing our relationship with Griffin as we expand our development and property management services throughout the country.”
Adjacent to the Gold Line at Monrovia Station, and less than one mile from Old Town Monrovia, MODA features one- and two-bedroom residential units with two landscaped courtyards which feature a pool and spa, highly-amenitized kitchens, barbeque areas, fire pits, and a dramatic 4,000-square-foot rooftop terrace.
Griffin Capital and Legacy were represented in the sale by Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap.