Opportunity Housing Acquires MODA Apartments for $100M
Providing high-quality housing at reasonable rents is one of the biggest challenges facing California today. With that challenge in mind, Opportunity Housing Group (OHG), a Danville CA-based company creating workforce housing for Californians, recently acquired the MODA at Monrovia Station apartments, a 261-unit property that will now be preserved for middle-income workers in the San Gabriel Valley.
OHG, as the administrator, partnered with the California Statewide Communities Development Authority (CSCDA) to acquire the market-rate apartments for $100 million using the CSCDA Workforce Housing Program. Under this structure, workers including teachers, first responders, civil employees and others are offered discounted rents that align with incomes and have capped annual increases.
Located on the L Metro Transit line at 228 West Pomona Ave., MODA at Monrovia Station offers one- and two-bedroom apartments.
The seller is a joint venture of Legacy Partners and Griffin Capital.
OHG was founded by the principals of Blake Griggs Properties. It works closely with cities and public entities to meet housing and economic goals, and foster growth in local communities. Its mission is to drive economic stability by giving Californians the opportunity to live in the communities in which they work.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.