Monument Capital Acquires 2nd Chicago-Area Property
The 222-unit community is located in Mount Prospect, Ill., across the street from the company’s other asset, purchased in the summer of 2017.
One year after it first entered the Illinois real estate market, Monument Capital Management has completed its second multifamily purchase in The Prairie State. The Residences at 1450 encompasses 222 garden-style units and is slated for interior improvements.
The seller is a limited liability company, BWIP 1450 OWNER. According to data provider Yardi Matrix, the property previously changed hands in 2015, being part of a portfolio sale. The owner at that time was APM Management. The transaction was subject to a $17.8 million acquisition and development loan.
Located at 1450 Busse Road in Mount Prospect, Ill., The Residences sits across the street from The Element, Monument’s other acquisition in Illinois. It features one- and two-bedroom units spanning nine buildings and a series of amenities including a new, resort-style swimming pool and sundeck playground, dog park, fitness center, business center and volleyball court. The property was completed in 1965 and its amenities have been recently upgraded.
Image courtesy of Monument Capital Management