Legacy Partners, a privately-owned national real estate firm, has announced the closing of a ground lease for a 2.81-acre property in Monrovia, adjacent to the city's new light rail station. The San Francisco-based company is partnering with Griffin Capital and Silverpeak Real Estate Partners to develop MODA at Monrovia Station, a 261-unit multifamily residential development.
The project, which is scheduled for completion in early 2018, would include state-of-the-art appliances and finishes, as well as amenities such as a clubhouse, a fitness center, two landscaped courtyards and a 4,000-square-foot roof terrace. An artistic rendering from Architects Orange portrays MODA as a contemporary five-story building.
The proposed development would be among the first new developments in a transit-oriented district which is planned around Monrovia Station, which is served by the 31-mile Gold Line.