Trending Multifamily News
The 192-unit acquisition is the first for Monument’s newly launched Opportunity Fund V
Minneapolis, MN – Monument Capital Management, an A-Rod Corp company and one of the country’s premier fully integrated real estate investment firms, announces it has acquired Talus, a 192-unit multifamily community in Plymouth, MN, just west of Minneapolis.
The purchase price was not disclosed. This property is the first acquisition for the newly launched Monument Opportunity Fund V.
Monument now owns and/or manages eight communities in Minneapolis and surrounding markets, totaling more than 1,000 units.
Ted Abramson, Senior Vice President of CBRE, represented the seller, Curtis Capital Group, in the transaction. Monument represented itself in the transaction.
Monument will carry out extensive improvements throughout the property’s unit interiors while also improving the asset’s curb appeal, community amenities and buildings.
Built in 1974 and located at 3925 Lancaster Lane N., Talus offers one- and two-bedroom floor plans ranging from 800 to 1,100 square feet. Apartments include hardwood-style flooring, stainless steel appliances, walk-in closets and a private balcony. This pet-friendly community features an off-leash dog area, walking paths, a fitness center, an outdoor swimming pool and indoor heated pool, a sundeck, laundry centers, underground heated parking and a newly renovated clubhouse.
Situated in eastern Plymouth and adjacent to Highway 169, the property is just a 10-minute drive to UnitedHealth Group Headquarters and General Mills Headquarters and less than a 30-minute drive to downtown Minneapolis and Minneapolis-Saint Paul International Airport.
Nearby, locals and tourists alike can find a wide range of restaurants, shopping centers, entertainment options and parks, including Theodore Wirth Regional Park and the Eloise Butler Wildflower Garden.
“We are pleased to have secured our initial acquisition and begin growing our Fund V portfolio,” said Erin Knight, President of Monument Capital Management. “The area has proven to be a growing market with various Fortune 500 companies and excellent amenities.”
“Talus ideally fits our value-add acquisition strategy,” said Stuart Zook, Chief Investment Officer for Monument Capital Management. “It is centrally located in a growing area with ample employment, transportation and excellent long-term potential.”
For more information, please visit http://www.mcmgmtllc.com/.
Park West was part of Monument Opportunity Fund III
Greenville, SC – Monument Capital Management (MCM), an A-Rod Corp company and one of the country’s premier fully integrated real estate investment firms, announced the sale of Park West Apartments in Greenville, SC. The sale price was $39 million.
Monument, was represented by Tai Cohen with Cushman Wakefield in the transaction, the buyer represented itself.
Originally purchased in 2016, Park West Apartments is situated on a 20-acre parcel, and is comprised of 359 units featuring 305 one- and two- bedroom garden style residences and 54 two-bedroom townhomes. Located at 357 Hillandale Road, the property offers convenient access to the Cherrydale Point shopping district, as well as major employers including General Electric, Michelin and BMW Manufacturing.
Monument Capital Management completed upgrades to Park West’s unit interiors, amenities, and common areas shortly after acquiring the property.
“Park West was an ideal acquisition which realized a significant IRR for our investors,” said Erin Knight, President of Monument Capital Management. “Our overall improvements to the property made it a win/win for residents and the community as a whole as well.”
“Our approach is to maximize value for both our investors and the residents of our communities,” added Stuart Zook, Monument’s Chief Investment Officer. “Park West is an excellent example of our unique approach to workforce housing.”
Monument, which recently announced the launch of Fund V, has acquired almost $1 billion of real estate assets across 14 states through opportunity funds and joint ventures. On the brink of its 10th anniversary, Monument employs a nimble strategy that focuses chiefly on secondary and tertiary markets with excellent job growth, a key component of high-need areas for workforce housing.
For more information about Monument Capital Management and/or investment information, please visit www.mcmgmtllc.com.
Often realizing IRR’s of 30 percent, MCM, soon to celebrate its 10th anniversary, looks to continue realizing compelling returns through its proprietary investment model
MIAMI – Monument Capital Management (MCM), an A-Rod Corp company and one of the country’s premier fully integrated real estate investment firms, has announced the launch of Monument Opportunity Fund V, the latest of the firm’s value-add workforce housing funds.
MCM, which will soon celebrate its 10th anniversary, recently expanded its presence with acquisitions in Minnesota. The organization will chiefly focus on continued growth within specified Sunbelt States, as well as within select growth areas in the Midwest.
The launch of Fund V coincides with its first purchase, which will soon be announced.
Having acquired almost $1 billion of real estate assets across 14 states through opportunity funds and joint ventures, MCM employs a nimble strategy that focuses chiefly on secondary and tertiary markets with excellent job growth, a key component of high-need areas for workforce housing.
“The rising cost of homeownership coupled with housing shortages, underscore the need for workforce housing across the country. We believe this will continue to be one of our nation’s greatest needs in the foreseeable future,” says Erin Knight, President of Monument Capital Management. “We are proud to be a small part of providing high-quality housing to a broad range of the workforce.”
“Our proprietary approach has afforded investors excellent returns,” adds Stuart Zook, Monument’s Chief Investment Officer. “We look forward to furthering our successful approach, creating a win/win for both our investors and for the residents of our many communities.”
For more information about Monument Capital Management and/or investment information, please visit www.mcmgmtllc.com.
Monument Capital Management Announces $19.75 Million Acquisition of Rental Apartment Community in Brooklyn Park, Minnesota
Acquisition of 144-unit Ridgebrook Apartments is Monument’s
6th investment in the Twin Cities
MINNEAPOLIS, MN (Jan. 27, 2022) – Monument Capital Management, an A-Rod CORP company and one of the country’s premier fully integrated real estate investment firms, announced the $19.75 million acquisition of Ridgebrook Apartments, a 144-unit multifamily community located at 5840 73rd Avenue North, Brooklyn Park, MN. Brooklyn Park is located approximately 20 minutes north of downtown Minneapolis.
The acquisition is a joint venture between Monument and unnamed private investors. Monument now owns and manages five multi-family properties in Minnesota totaling 747 units, inclusive of joint ventures.
North Shore Development Partners was the seller and was represented by Ted Brickel of Colliers. Monument self-represented in the transaction.
The ideally situated, three-story Ridgebrook Apartments complex was built in 1969, and sits on 7.5 acres of land. Amenities include a clubhouse, fitness center, pool, garages, playground, a BBQ area, and a sundeck.
Monument will be upgrading the community’s common areas as well as the individual units, replacing appliances and providing renters an enhanced overall experience.
“According to Minnesota Employment & Economic Development, the state is expected to experience double-digit growth in a number of industries in the ten-year trajectory between 2018 and 2028,” said Stuart Zook, Principal and CIO of Monument Capital Management. “Among them, service industries, healthcare and technical, and computer and mathematical occupations. It is this type of robust job growth that is furthering Minnesota’s appeal as a national job-growth hub, and consequently increasing demand for workforce housing.”
“As an A-Rod Corp company, Monument has a keen interest in Minnesota. We have a strong belief in the long-term growth and evolution of the state, and are proud to be continuously increasing our presence,” concluded Erin Knight, President of Monument Capital Management.
For more information, please visit http://www.mcmgmtllc.com/.
Acquisition of 216-unit Eagle Point Apartments is the ninth and final acquisition of Monument Opportunity Fund IV
MINNEAPOLIS, MN – Monument Capital Management, an A-Rod CORP company and one of the country’s premier fully integrated real estate investment firms, announced the $30.250 million acquisition of Eagle Point Apartments, a 216-unit multifamily community located at 2044 Oakdale Avenue, West St. Paul, Minnesota.
The acquisition of Eagle Point closes out Monument Capital Management’s Monument Opportunity Fund IV, and represents the fund’s ninth acquisition. It is Monument’s fifth overall acquisition in Minnesota, inclusive of existing joint ventures.
Jones Lang LaSalle (JLL) represented the sellers, Timberland Partners XXXIV, LLP; Timberland Partners III, LLP, and Michael A. Nelson, LLC. Monument represented itself in the transaction.
Built in 1972, Eagle Pointe is a fully-amenitized apartment community on 11.5 acres, comprised chiefly of two-bedroom residences. It offers a broad range of amenities, among them a fitness center, indoor and outdoor pool, tennis court, and more.
Monument will be upgrading the unit interiors and the building exterior, as well as enhancing the amenities and the community’s overall curb appeal.
“We are extremely bullish on Minnesota as a whole, and very pleased with this particular acquisition,” said Stuart Zook, Principal and CIO of Monument Capital Management. “It ideally fits our acquisition criteria, that of being in a strategic location, near a major employment hub.”
“Workforce housing is one of the most compelling housing needs,” adds Erin Knight, President of Monument Capital Management. “We look forward to exploring additional opportunities within Minnesota.”
For more information, please visit http://www.mcmgmtllc.com/.
About Monument Capital Management
Monument Capital Management (MCM), an A-Rod CORP company, is one of the country’s premier fully integrated real estate investment firms. Specifically targeting markets with a strong demand for workforce housing, MCM has acquired over or more than $900 million of real estate assets across 14 states through opportunity funds and joint ventures. The organization strategically identifies assets in markets with attractive demographics at a deal size where competition is limited, and its seasoned team can immediately leverage its operational expertise. The firm has excelled at its mission of investing in real estate assets where it can add value and deliver superior, risk adjusted returns, while protecting capital and mitigating downside risks.
Monument Capital Management, an A-Rod CORP company and one of the country’s premier fully integrated real estate investment firms, announces the $67.3 million acquisition of Haven on the Lake, a 528-unit multifamily community in St. Louis. The acquisition marks Monument’s entry into the Missouri housing market. The seller was FPA5 Pheasant Run, LLC.
Haven on the Lake will be added to Monument Opportunity Fund IV and represents the firm’s eighth acquisition in the Fund.
“Haven on the Lake’s proven value-add thesis and its strategic location near major employment hubs created a compelling opportunity to enter the Missouri market and add a sizable asset that speaks to the continued growth and vision our funds are tailored for,” said Stuart Zook, Principal and CIO of Monument Capital Management. “With the property having received some renovations that translated into successful rent premiums, Haven on the Lake will serve a complementary asset to our portfolio that easily meets our underwriting standards.”
Managing Director Brad Williamson of Berkadia Miami and Associate Director Wesley Moczul of Berkadia Orlando secured $52 million in total financing for the acquisition. Berkadia originated and Freddie Mac purchased the six-year, fixed rate loan.
“Considering the property’s upside potential and proximity to central St. Louis, Haven on the Lake serves as an exemplary asset for workforce housing in an area with few deliveries and rising rents,” said Williamson. “The sponsor’s investment objective was taken into account throughout the financial underwriting process, fitting into their overall strategy for this asset.”
CBRE Vice Chairman Matt Bukhshtaber represented the seller in the transaction.
Monument will carry out an extensive capital improvements program throughout the property’s unit interiors while also improving the asset’s curb appeal, exteriors and community amenities.
Built in 1974, Haven on the Lake is located at 2050 Lakerun Court. One-, two- and three-bedroom units feature walk-in closets, modern bamboo flooring, brushed nickel accents, fireplaces and private patio/balcony. Community amenities feature a state-of-the-art fitness center, indoor and outdoor tennis courts, a business center and a newly renovated clubhouse.
Situated in the Maryland Heights suburb of St. Louis, Haven on the Lake is found near multiple employers and important transit routes. Westport Plaza, a 42-acre retail and office park home to more than 5,000 employees, is less than 3 miles away, with the 525-acre Riverport Business Park just five miles away. Interstate 270 is about five minutes away, providing direct into Downtown St. Louis and the greater metro area.
For more information, please visit http://www.mcmgmtllc.com/.
