Workforce housing investor pays $100M for Monrovia apartments

Opportunity Housing Group acquired 260-unit complex

Los Angeles /
Apr.April 23, 2021 09:25 AM
Moda at Monrovia Station and Opportunity Housing Group President Lauren Seaver (Google Maps)
Moda at Monrovia Station and Opportunity Housing Group President Lauren Seaver (Google Maps)

A workforce housing investor has acquired a recently built Monrovia apartment complex for $100 million.

Opportunity Housing Group bought the 261-unit property at 228 W. Pomona Avenue, called Moda at Monrovia Station, according to the Los Angeles Business Journal. Opportunity Housing is working as a property administrator for the California Statewide Communities Development Authority and financed the acquisition through bond programs, according to the report.

The sellers were Griffin Capital and Legacy Partners.

Workforce housing is typically priced for households with incomes around the median income for the area; eligible tenants are restricted by income.

Moda’s website lists three available units — a pair of two bedroom units each priced at $2,482 a month, and a one-bedroom unit asking $2,754.

Griffin and Legacy developed the property, which opened in early 2019. It was one of the first new multifamily projects developed near the L.A. Metro’s Monrovia Station that opened in 2016. The station is served by the L line, formerly called the Gold Line.

The area around the station has attracted other developers — Richman Group is building a 296-unit apartment complex just south of the station, and Century West is working on a 310-unit project a block north of the station.

[LABJ] — Dennis Lynch 


Related Articles

arrow_forward_ios
The measure bars landlords from evicting tenants who suffered a financial hardship brought on by the pandemic. (Getty)
LA County extends eviction moratorium another 3 months
LA County extends eviction moratorium another 3 months
Fairfield CEO Greg Pinkalla and renderings of the development plans (Carrier Johnson + Culture, Fairfield Residential)
Fairfield Residential plans luxury complex at 60-year-old diner
Fairfield Residential plans luxury complex at 60-year-old diner
Los Angeles rents are increasing - but not yet at pre-pandemic levels (Getty)
Rents in LA are climbing from their pandemic lows
Rents in LA are climbing from their pandemic lows
Renderings of the project (The Harper on Sunset)
Hotel, apartment complex planned on Sunset Strip
Hotel, apartment complex planned on Sunset Strip
Rendering of the project (Triangle Culver City)
Bastion Development plans another apartment complex on Culver City border
Bastion Development plans another apartment complex on Culver City border
Taix French Restaurant and Holland Partner Group’s Clyde Holland (Google Maps)
Battle heats up over Holland Partner Group’s plans to redevelop Taix restaurant
Battle heats up over Holland Partner Group’s plans to redevelop Taix restaurant
2649-2657 W. San Marino Street (Google Maps)
Westlake apartment project could replace century-old buildings
Westlake apartment project could replace century-old buildings
(iStock)
Rent prices will keep rising in suburbs: USC report
Rent prices will keep rising in suburbs: USC report
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...