July 16, 2019
Monument Capital Management has acquired Townhomes at Highcrest, a 176-unit apartment community in Woodridge, IL. The A-Rod Corp company acquired the property from Highcrest Apartments LLC for an undisclosed sum, and plans approximately $1.5 million in capital improvements.
Townhomes at Highcrest is Monument Capital’s third property in the Chicago area and will be a part of Monument Opportunity Fund IV, launched earlier this year. The firm owns more than 6,000 units throughout the Southeast, Midwest, Texas and Arizona.
“The Chicagoland market has demonstrated compelling fundamentals for multifamily investment, including a resilient economy and an uptick in employment growth,” said Monument Capital principal Stuart Zook. “With a low unemployment rate and demand outpacing supply, the acquisition marks an important step toward adding sound investments to our latest Fund.”
The new ownership plans to carry out a number of upgrades to interiors and exteriors of the property, which was built in 1968.
Connect Texas Multifamily will take place August 15, 2019 in Dallas. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny