Legacy Partners Sells Los Angeles TOD Build for $100M

Legacy Partners along Griffin Capital and Silverpeak Real Estate Partners has sold MODA at Monrovia Station for $100 million to Opportunity Housing Group, which is serving as property administrator for California Statewide Communities Development Authority. The property is a 261-unit transit-oriented development in Monrovia.

Legacy Partners signed a ground lease for the project in 2016, and the project delivered in 2018. At the time of the sale, the property was 90% leased, helping to secure a strong sale price that generated an attractive risk-adjusted return for investors, according to Eric Kaplan, president of Griffin Capital Private Equity.