EL SEGUNDO, CA – Griffin Capital Company, a leading privately-held alternative asset manager, and Legacy Partners, a privately-owned national multifamily development and management firm, announced the sale of MODA at Monrovia Station ( MODA ), a 261-unit, Class A multifamily community located in Monrovia, California.
The property was bought for $100 million by Opportunity Housing Group as a property administrator for the California Statewide Communities Development Authority (CSCDA). Legacy Partners developed the property in a financial partnership with Griffin Capital and Silverpeak Real Estate Partners. Legacy will continue to manage the community following the sale closing.
This successful disposition confirms our strategy of developing in-fill Class A apartment communities proximate to major employers with simple access to public transit, said Eric Kaplan, President of Griffin Capital Private Equity. The property was over 90 percent leased at the time of sale, and the sale price generated an attractive risk-adjusted return for our investors.
Griffin Capital has been a fantastic long-time partner of ours, said Timothy O Brien, Senior Managing Director of Legacy Partners. Our MODA community has been highly successful, and exemplifies the need for and interest in transit-oriented developments. We look forward to continuing our relationship with Griffin as we expand our development and property management services throughout the country.
Adjacent to the Gold Line at Monrovia Station, and less than one mile from Ancient Town Monrovia, MODA features one- and two-bedroom residential units with two landscaped courtyards which feature a pool and spa, highly-amenitized kitchens, barbeque areas, fire pits, and a dramatic 4,000-square-foot rooftop terrace.
Griffin Capital and Legacy were represented in the sale by Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap.

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WASHINGTON, DC – Wood Partners, a national leader in multi-family real estate development, announced the development of its newest luxury residential community – Alta 801 – in Washington, D.C. Construction is underway and the community is scheduled to open in 2023.
Once complete, Alta 801 will feature 327 units comprised of studio, one- and two-bedroom apartment homes including premium penthouse units. The apartments will feature two designer color palettes and include stylish open living and dining areas with hardwood-inspired flooring throughout the homes. The kitchens will feature movable kitchen islands and stone countertops, upgraded stainless steel appliances, upscale cabinets, and designer tile backsplashes. All units will include full-size washer-dryers and select units will offer walk-in showers and private balconies.
The community will feature a variety of high-end amenities that will set it apart in the market, including a rooftop lounge with an indoor-outdoor bar and a wine tasting parlor featuring a gorgeous view of the US Capitol and Downtown Washington D.C. Residents will also be able to delight in two outdoor courtyards with multiple grilling areas and a pool deck with a world-class infinity-edge pool and semi-private cabanas.
Additionally, the community will include a co-working area with multiple conference rooms, a fitness center including a yoga studio as well as a pet spa, bike storage and repair center, package storage with cold storage for perishables, a guest suite, electric car charging spaces and concierge services.
“What really drove our choice to build in this location was the exceptional walkability and convenience that the community will offer to future residents,” said Scott Zimmerly, Executive Managing Director at Wood Partners. “Especially for professionals who work in Washington, D.C., Alta 801 will offer a live, work, play living experience providing simple access to all of the jobs, entertainment and local attractions the region has to offer.”
Located at 801 New Jersey Avenue NW, Alta 801 will be within walking distance to all five of Washington, D.C.’s Metro lines at various transit hubs including Gallery Place-Chinatown, Metro Center, Mount Vernon Square, Judiciary Square and Union Station. The property is also a three-block walk from Union Station, which offers additional transit options including Amtrak, MARC and VRE regional commuter train lines.
The community will offer additional walkability to world class retail, entertainment and nightlife attractions, including Capital One Arena, CityCenterDC – offering high-end retail and restaurants, and the Shaw/14th Street neighborhoods that feature numerous restaurants, bars and nightlife options.
Additionally, the community will be on the eastern edge of the Mount Vernon Triangle neighborhood which is known for its unique mix of historic and modern buildings, diverse cultures, restaurants and experiences. Also close by is Capitol Crossing, a 2.2-million-square-foot mixed-use development that will feature a variety of retail, businesses and hotels that is expected to bring nearly 8,000 new jobs to the neighborhood. As part of this new development, well-known sushi chef Makoto Okuwa is opening a new, highly-anticipated, Japanese food hall that will attract foodies from all over.
Must-see national landmarks also within walking distance of the community include the US Capitol, Smithsonian Museums, several National Monuments and the National Mall.

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TUCSON, AZ – The Bascom Group has bought Sierra Charles Apartments in the Tucson metro area. Bascom bought Sierra Charles, a 196-unit garden-style community built in 1985, for $11,600,000, or $59,164 per unit. Financing for the acquisition was provided by MF1 Capital and was arranged by Brian Eisendrath and Cameron Chalfant at CBRE Capital Markets. Property management will be provided by MEB Management Services and construction management will be provided by CAPgro Construction Management.
Bascom’s Senior Vice President and Principal of Acquisitions, Jim Singleton, stated “Sierra Charles is a well located, well-maintained asset in a silent neighborhood with access to entertainment, shopping, dining, and major employment centers. The attractive going in yield at the property coupled with favorable financing and value-add opportunity made the acquisition particularly desirable for Bascom and our investors. We look forward to executing on Bascom’s operational strengths while building our portfolio in a rapidly growing Southwestern market.”
Bascom’s Senior Principal of Operations, Paul Diamond, added, “While Sierra Charles has been well-maintained by current ownership, the property is extremely well-positioned for new ownership to drive appreciation through institutional management and the execution of strategic renovations. Current ownership has performed moderate improvements, but the property has not been addressed with a comprehensive renovation plot in over twenty years. Bascom will renovate unit interiors with new countertops and appliances, wood plank flooring, new baseboards, cabinetry improvements, new fixtures and lighting, and a new two-tone paint scheme. In addition, Bascom will be improving amenities with a pool deck expansion, dog park addition, and leasing office re-design.”
Bascom and its affiliates have bought and operated 51 apartment communities totaling 16,263 units in the Arizona market. Over the past year, Bascom has completed over $436.8M in multifamily transactions.

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