Griffin Capital Co. and Legacy Partners have sold MODA at Monrovia Station (MODA), a 261-unit, class A multifamily community located in Monrovia, Calif. 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.
The property was more than 90 percent leased at the time of sale.
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 that feature a pool and spa, highly amenitized kitchens, barbeque areas, fire pits, and a dramatic 4,000-square-foot rooftop terrace.
