Monument Capital Management, an A-Rod CORP company and one of the country’s premier fully integrated real estate investment firms, announces the $19.7 million acquisition of White Pines Apartments, a 123-unit community in Shakopee, Minnesota and the $15.3 million acquisition Margate on Cone, a 233-unit community in Greensboro, North Carolina.

The acquisitions mark Monument’s entry into Greensboro and their general expansion in Minnesota. Both properties will be added to Monument Opportunity Fund IV and will serve as the Fund’s debut in the Midwestern state.

Ted Bickel of Colliers International represented Abacus Capital Group in the sale of White Pines, with Watson Bryant and Paul Marley of Cushman & Wakefield representing Cedar Grove Capital in the sale of Margate on Cone.

“Each of these markets displayed clear opportunities that easily fit into our investment strategy for MOF IV,” said Stuart Zook, Principal and CIO of Monument Capital Management. “The continued development of the Greensboro MSA and the exceptional employer base of Shakopee provides a vision of growth that will continue exceptional returns within our portfolio.”

Each property will benefit from an extensive value-add program that includes upgrades to interior and exterior amenities.

Built in 1999, White Pines is located at 1321-1364 Eagle Creek Blvd. One-, two- and three-bedroom units include walk-in closets, vinyl flooring and dishwasher. Community amenities include a laundry facility, fitness center, Amazon Hub lockers and patio areas with gas grills.

Built in 1970, Margate on Cone is situated at 900 E Cone Boulevard. Two- and three-bedroom units include vinyl flooring, walk-in closets, pantry, pendant lights and patio/balcony. Community amenities feature a swimming pool, playground and clubhouse.

For more information, please visit http://www.mcmgmtllc.com/.

Monument Capital Management, an A-Rod CORP company and one of the country’s premier fully integrated real estate investment firms, has announced the closing of Monument Opportunity Fund II with the disposition of Reserve at Cavalier, a 150-unit community in Greenville, South Carolina, for $14.3 million.

The final asset of the fund to be disposed, Monument Opportunity Fund II acquired over 3,100 units among 15 properties totaling $151 million.

“The closing of our second fund marks an important milestone in Monument’s growth as a multifamily investor in some of the nation’s most competitive markets,” said Stuart Zook, Principal and CIO of Monument Capital Management. “Our focus on workforce housing in key locations, as well as expanding our reach into new markets, highlights a forward-thinking approach based off proven success that translates into exceptional returns for investors, noted in an IRR in the high thirties for this particular asset.”

Building on the success of Monument Multifamily Investors Fund, Monument Opportunity Fund included the strategic acquisitions of workforce housing communities in various markets including North Carolina, South Carolina, Maryland, Ohio, Virginia, Texas and Georgia. In addition, MCM entered new markets to include the Midwest and Southwest regions of the U.S., further diversifying its portfolio and capitalizing on new opportunities.

Monument continues investing in markets with high job and population growth throughout the U.S., most notably through two additional funds, Monument Opportunity Fund III and IV.

For more information, please visit http://www.mcmgmtllc.com/.

Monument Capital Management Acquires 192-Unit Apartment

Community in Bartlett, IL

Acquisition is second in the region for Monument Opportunity Fund IV;

fourth overall in the region for the company

Monument Capital Management, an A-Rod CORP company and one of the country’s premier fully integrated real estate investment firms, has announced the acquisition of Bartlett Lakes, a 192-unit apartment community in Bartlett, Illinois.

This is the fifth overall property as part of Monument Opportunity Fund IV, the second for the fund in Illinois. The firm now operates a total of four properties in Illinois within its portfolio.  Monument now owns or manages 26 properties with over 5,600 units throughout the Sun Belt and Midwest regions of the country.  

Managing Director Brian Kochendorfer of Essex Realty represented the seller of Barlett Lakes, Northridge Holdings, Ltd. Monument Capital Management represented itself in the transaction. 

Monument Capital Management plans a variety of upgrades throughout the property including the renovation of unit interiors and exteriors and improvement of curb appeal and amenities.

“Bartlett Lakes ideally fits our acquisition model, which is focused on growth areas with strong employment opportunities,” said Stuart Zook, Principal and CIO of Monument Capital Management. “In spite of the challenges of the COVID pandemic, we are still extremely bullish on the area, and in workforce housing in general, which can only increase in demand in the foreseeable future.”

Developed in 1971, Bartlett Lakes is located at 562 Deere Park Circle and offers floor plans averaging 778 square feet. Community amenities feature an elevator, swimming pool, playground, laundry facilities and a grill and picnic area.

Bartlett Lakes is conveniently situated less than 1 mile north from the Bartlett MD-W Metra Station, and in close proximity to the Elgin O'Hare Expressway, I-290 and I-355, providing access to multiple major employment, entertainment hubs and the higher end markets of Hoffman Estates, Elk Grove and Carol Stream.

MIAMI (June 16, 2020) – Monument Capital Management, an A-Rod CORP company and one of the country’s premier fully integrated real estate investment firms, has partnered with Arbor Realty Trust to provide rental assistance to residents within their multifamily portfolio who have been impacted by the COVID-19 crisis.

The innovative program, called The Arbor Rental Assistance Program (ARAP), provides advances to tenants to fill rent gaps during the months of May and June. The program is available to current borrowers of Arbor Realty Trust, such as Monument. 

Arbor is contributing $1 million in total to the program and borrowers like Monument will match on a dollar-per-dollar basis whatever funds Arbor provides to renters. The program leverages private capital to fill gaps for at-need individuals. 

Tenants must meet the requirements of the program to qualify for the interest-free advances, with a payback period of up to three years. 

“It has been our goal from the onset of this crisis to engage and work with our tenants,” said Erin Knight, President of Capital. “We are proud to be collaborating with Arbor’s extraordinary initiative to provide some temporary relief to individuals and families who have been financially impacted.” 

Monument’s first rental community in which it is deploying the program is Laguna Place in Kissimmee, Florida, near Orlando. Laguna Place is a joint venture community for Monument with FM Capital, a national company that focuses on debt acquisitions, direct lending, and equity investments. 

“We believe supporting our tenants is not only appropriate but our duty,” adds Aaron Kurlansky, Principal of FM Capital. “While we are extremely bullish on the workforce housing market, this is something we all need to work through together.”

“As one of the most active lenders in the industry offering workforce housing loans, we want to do our part to help ease the burden for those who’ve been severely impacted by COVID-19,” said Ivan Kaufman, President and CEO of Arbor Realty Trust in a prior statement. “For those who have unfortunately lost income and are temporarily unable to meet their rent obligations, we are looking to provide some much-needed relief until they can stabilize their situations.”

Individuals at Monument Capital Management-owned apartment communities are encouraged to contact their community management team for additional information. 

Monument Capital Management, an A-Rod CORP company and one of the country’s premier fully integrated real estate investment firms, announce the acquisition of Triple Crown at Tates Creek, a 228-unit garden style community in Lexington, Kentucky. This is the firm’s fourth property as part of Monument Opportunity Fund IV, which will also undergo an extensive capital improvements project.

The firm now owns a total of 24 properties with nearly 5,000 units throughout the Sun Belt region and the Midwest, and is actively engaged in pursuing additional investment opportunities.

“As multifamily investment remains highly competitive throughout most states in the Sun Belt due to job and population growth, tertiary markets like Lexington create a unique opportunity to enter burgeoning markets at attractive price points with potential for high yield,” said Stuart Zook, Principal and CIO of Monument Capital Management. “The University of Kentucky’s footprint, along with a strong local manufacturing presence, make Lexington a promising market with room for growth.”

Managing Director Brad Williamson and Associate Director Wesley Moczul of Berkadia’s Miami office arranged the acquisition financing in under 31 days, utilizing a corresponding life company to originated a 3-year, floating rate loan with two 1-year extension options and full-term interest only. The loan represents total capitalization of 80 percent of cost and is priced at a rate of Libor + 265 percent. Berkadia will retain servicing through the life of the loan post-closing.

Built in 1974, Triple Crown at Tates Creek is located at 3501 Pimlico Parkway. One-, two- and three-bedroom units include brushed nickel finishes, private patios and balconies, wood style flooring, dishwasher and heating. Community amenities include a swimming pool, fitness center, playground, barbecues with outdoor dining and a dog walk area.

Situated near employment hubs and transit corridors, the property is less than 10 minutes away from Downtown Lexington and the University of Kentucky, and under 20 minutes away from Amazon’s local fulfillment center. Toyota’s manufacturing plant employing about 8,000 employees is about 30 minutes away, with transit routes like Interstate 75 and Interstate 64 less than 15 minutes away, offering access to the greater Lexington area and Kentucky.

Monument Capital Management, an A-Rod CORP company and one of the country’s premier fully integrated real estate investment firms, announces the acquisition of Brynn Marr Apartments, a 196-unit multifamily community in Jacksonville, North Carolina. Monument Capital Management acquired the property from Brynn Marr Apartments, LLC and will make a number of meaningful upgrades to the property.

Located at 301 Village Drive, Jacksonville, NC, Brynn Marr Apartments is the firm’s third property as part of its latest fund, Monument Opportunity Fund IV. The firm now owns a total of 23 properties with nearly 5,000 units throughout the Southeast, Midwest and Texas, and is actively engaged in pursuing additional investment opportunities.

“Our strategic entry into the Jacksonville market allows us to not only add a compelling value-add opportunity to our latest Fund, but also achieve scale along coastal North Carolina with two assets approximately an hour away from one another,” said Stuart Zook, principal of Monument Capital Management. “As the state sees continued in-migration and local fundamentals being supported by the presence of Camp LeJeune, the asset’s advantageous location and surrounding economic drivers offer long-term growth in the area.”

Director Paul Marley of Cushman & Wakefield’s Multifamily Advisor Group represented the seller, with Monument Capital Management representing itself in the transaction.

Monument Capital Management plans to upgrade unit interiors, improve the exterior of the property, heighten curb appeal, add a business center and expand the community’s fitness center.

Built in 1975, Brynn Marr apartments offers one-, two- and three-bedroom units including hardwood floors, dishwasher/disposal and range. Community amenities include package services, laundry facilities, swimming pool, sundeck and courtyard. The property is situated 10 minutes away from Camp LeJeune, the largest Marine Corps base on the east coast employing approximately 170,000 people.