Opportunity Housing Group Inc., acting as property administrator with the California Statewide Communities Development Authority, purchased the building from Griffin Capital Co. and Legacy Partners.
The property is located at 228 W. Pomona Ave.
Greg Harris, Kevin Green and Joseph Grabiec with Marcus & Millichap’s Institutional Property Advisors division represented the sellers and found the buyers.
“Moda at Monrovia Station is a high-quality asset in a much sought-after market with some of the strongest demographic fundamentals and demand drivers in the region,” Harris said in a statement.
Harris added that the city had population growth of 8% since 2010 and an annual household income of $107,500, making it a desirable area.
“The property’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,” Green said in a statement.
“This is augmented by the recent expansion of recession-resistant industries into the region over the past two years, with more than 40% of new jobs in Monrovia coming from top companies such as City of Hope and AeroVironment and others in the health care, technology, and manufacturing sectors,” he added.
Moda will be converted to workforce housing for moderate-income tenants. The conversion is being done using bond programs, according to IPA.
“In response to California’s housing crisis, many municipalities have created affordable bond programs to meet the needs of people whose incomes are too high for subsidized housing and too low to afford new market-rate housing,” Harris said in a statement.
“This year, we are seeing many buyers who are excited to participate in the Workforce Housing Program and provide reasonably priced housing for teachers, nurses, firefighters, policemen and others who have run into challenges to find affordable multifamily housing for themselves and their families. My team and I with IPA are proud to play a role in this worthy endeavor,” he added.
Similar conversions recently closed by Harris, Green and Grabiec include Renaissance at City Center, a 150-unit property in Carson that closed for $66 million; Mix at CTR City, a 276-unit property in Anaheim that sold for $115 million; and Brio, a 205-unit property in Glendale that sold for $110 million.