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5/25/21
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MODA at Monrovia Station, a 261-unit apartment asset in the San Gabriel Valley city of Monrovia, was purchased for $100 mil ($383k per unit) by Opportunity Housing Group, as property administrator with the California Statewide Communities Development Authority CSCDA. The property was sold by Griffin Capital Co. and Legacy Partners.
The property will be converted into workforce housing by the new ownership utilizing California’s affordable housing bond programs. MODA’s proximity to San Gabriel Valley’s thriving job markets, which are comprised of high-paying medical and technology-related jobs, supply a built-in renter pool for the asset, make it a strong candidate for the renovation.
Greg Harris, Kevin Green and Joseph Grabiec with Institutional Property Advisors represented the seller and procured the buyer in the transaction.
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