Griffin Capital Company LLC, an alternative asset manager, and Legacy Partners, a multifamily development and management firm, has sold MODA at Monrovia Station, a 261-unit Class A multifamily community located in Monrovia, California, approximately 20 miles northeast of Los Angeles. The property was sold for $100 million to Opportunity Housing Group, a property administrator for the California Statewide Communities Development Authority. The original acquisition and development cost was not disclosed.
Legacy, which will continue to manage the community, developed the property in a financial partnership with Griffin Capital and Silverpeak Real Estate Partners. According to reports at the time, construction at the property began in mid-2016 and was completed in early 2018.
“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.”
According to the company, MODA is comprised of one- and two-bedroom residential units with two landscaped courtyards which feature a pool and spa, highly-amenitized kitchens, barbecue areas, fire pits, and a 4,000-square-foot rooftop terrace. The property is adjacent to the Gold Line at Monrovia Station and is located less than one mile from Old Town Monrovia.
Founded in 1995, Griffin Capital has owned, managed, sponsored or co-sponsored investment programs encompassing more than $20 billion in assets. The company’s alternative investments include interval funds in the company’s Institutional Access fund family, tax advantaged strategies, such as Delaware statutory trusts and opportunity zone funds, and non-traded real estate investment trusts.
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