Colorado Commons at Old Town - Monrovia, California« back to Our Projects
95,505 square-feet comprised of 72 attached home dwellings, 4 commerical units, plus underground parking. Ground-up development.
Challenge / Description
Located on two acres within Monrovia’s historic Old Town district, the well-crafted condominium community features 68 attached homes with a selection of 10 floorplans, including flats and multi-level townhomes, many designed with stylish mezzanines.
The one, two, and three-bedroom dwellings range in size from 696 square feet to a spacious 2,142 square feet. Every home has a private entry at street level, truly bringing a “brownstone” feel to the pedestrian-friendly neighborhood.
Colorado Commons at Old Town brings an affordable solution to potential residents who crave the charm of Pasadena, but not the cost. The city of Monrovia is the ideal alternative, offering a walkable, safe lifestyle in a neighborly community that rivals that of Old Town Pasadena.
Colorado Commons was developed by Barker Pacific Group, Inc. (BPG) as a public-private venture with the City of Monrovia Redevelopment Agency. The ground-up project consists of 68 residential units and 4 commercial units, and was completed in the spring of 2008.
Due to the weak for-sale housing market at delivery, BPG created a rental strategy and successfully leased-up the project to 90% by December of 2008. The entire lease-up was only eight months. A key part of the rental strategy was a rent-to-own program that applies a portion of a tenant's rent toward the future purchase of the unit. BPG has put in place all of the Department of Real Estate documents necessary to sell the units as condos when the housing market regains its strength.
Starting in 2014, BPG retained Polaris Pacific to sell out the units as condominiums. Sales are well underway.
Thomas Cox & Associates, Newport Beach, California
Completed Spring 2008
Public-private venture with the Monrovia Redevelopment Agency, Pacific Coast Capital Partners, and SL Residential.
Availability / Occupancy
Residential and Commercial units are available for lease
Amanda M. Lavalle