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Institutional Property Advisors Closes Four Workforce Housing Conversion Assets for $381,190,500

May 05, 2021

LOS ANGELES, May 5, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of MODA at Monrovia Station, a 261-unit apartment asset in Monrovia, California. The property sold for $100 million, which represents $383,142 per unit.


“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,” said Greg Harris IPA executive managing director. “The City of Monrovia’s demographics include population growth of 8% since 2010, annual household income of $107,500 and over 38% of the population earns more than $100,000.” Harris and IPA’s Kevin Green and Joseph Grabiec represented the seller, Griffin Capital Co. and Legacy Partners, and procured the buyer, Opportunity Housing Group, as property administrator with the California Statewide Communities Development Authority CSCDA. “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, “added Green. “This is augmented by the recent expansion of recession-resistant industries into the region over the past two years, with over 40% of new jobs in Monrovia coming from top companies such as City of Hope and AeroVironment and others in the healthcare, technology, and manufacturing sectors.”


MODA at Monrovia Station marks the fourth multifamily asset in Southern California, which will be converted to workforce housing for moderate-income tenants under various California affordable housing bond programs that IPA has recently closed. The four properties sold for a total of $381,190,500.


“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,” said Greg Harris, IPA Executive Director. “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.” Los Angeles-based Harris and IPA Executive Directors Kevin Green and Joseph Grabiec are one of only a handful of brokers working with apartment owners and investors in Southern California who are embracing the program.


“The state of California has set expectations for municipalities to provide workforce housing for residents,” added Green. “The lack of developable land and high cost of construction in California makes this a challenging task, however this new public-private partnership relieves those issues by utilizing existing multi-housing assets.”

The recent multifamily conversion closings by Harris, Green and Grabiec are:

The Renaissance at City Center, a luxury mixed-use property with 150 apartment homes and 12,706 square feet of retail space in Carson, California, financed by California Statewide Communities Development Authority (CSCDA). The sales price was $66 million. Benedict Canyon Equities sold the project to Standard Communities as property administrator with CSCDA.

The Mix at CTR City, a four-building, mixed-use property consisting of 276 apartments and 23,343 square feet of ground floor retail in Anaheim, California, financed by California Municipal Finance Authority (CMFA). The property was sold for $115 million by Greystar to Manatt Housing Solutions as property administrator with CMFA.

Brio, a mixed-use luxury property with 205 apartment units and 3,395 square feet of retail in Glendale, California was financed by California Community Housing Agency (CalCHA). Sequoia Equities sold the project to Catalyst Housing Group as property administrator with CalCHA for $110 million.

MODA at Monrovia Station, a 261-unit, newly constructed luxury community in Monrovia financed by California Statewide Communities development Authority (CSCDA) traded at $100 million. Griffin Capital Co. and Legacy Partners sold the project to Opportunity Housing Group as property administrator with the CSCDA.

The projects have been executed with CalCHA, CMFA & CSCDA. A brief background on each is below:

CalCHA, formed in 2019, was created to help combat the affordable housing income limit issues that California’s essential workers often face. As the state’s first public agency focused exclusively on the expansion and safeguarding of middle-income housing, CalCHA has created more than 2,000 rent-restricted rental units and has developed the blueprint for similar models to further the fight that middle-income housing needs.


CSCDA has been financing affordable-housing units by issuing tax-exempt bonds for cities to use on development projects that benefit the public since 1988. The new Workforce Housing Program also sells bonds, but these are for the benefit of residents who earn to 80% to 120% of the median income in their area. Properties purchased under the program have rents restricted to affordable levels for middle-income earners. The rental income goes to pay back the debt over a 30-year period.


CMFA provides qualified borrowers with access to low cost, tax-exempt bond financing by acting as the conduit issuer. This community-focused program shares the issuance fees with the host communities of the projects. As a direct result, CMFA has given back over $20 million to municipalities and California 501c3 non-profits.



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About Institutional Property Advisors (IPA)

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit


About Benderson Development
Founded in 1949, Benderson Development is one of the nation’s largest privately held real estate companies. Its portfolio includes more than 800 properties totaling over 45 million square feet in 40 states. For more information, visit www.


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