Monument Capital Management Acquires Arizona Apartments
The property marks the firm’s first asset in the state and seventh acquisition for the firm’s Monument Opportunity Fund III.
The property marks the firm’s first asset in the state and seventh acquisition for the firm’s Monument Opportunity Fund III, which launched in 2015.
“We’ve been looking at Phoenix for the last six months and are totally focused on workforce housing, and this property sat in a packet that for us hit all our buttons,” Stuart Zook, Monument Capital Management’s president, told MHN. “It’s a good market. Phoenix has sustainable, strong job growth. Prices are still low enough where we can get in in the upper curve and ride it and see what happens.”
Located at 6565 W Bethany Home Road, the community spans across 18 two-story buildings and consists of a mix of studio, one- and two- bedroom garden style homes.
Community amenities include a clubhouse, three swimming pools, on-site laundry facilities, ample parking spaces with garages and a playground complete with a grilling area. There’s also some space that will allow the company to possibly provide some resident programs, as it does in some other cities.
According to Zook, Monument plans to implement upgrades throughout the property to improve the curb appeal and unit interiors.
“We’re going to start updating some of the units and also in select units, add washer and driers, and bring the property up to the 2015 range,” he said.
Casa Bellisima is located only minutes away from Glendale’s business and financial centers, shopping areas and recreational and cultural activities.
“Glendale took a little bit of a beating during the recession and it’s coming back strong,” Zook said. “These are typically renters by necessity and not renters by choice. That’s kind of what we do.”
Monument Opportunity Fund III is the third fund created by Monument Capital Management and has deployed over $60 million in six assets targeting acquisitions in markets with strong workforce populations.
“The quasi off-market sale of Casa Bellisima provides a firm foothold as we expand our ownership presence in Arizona,” Zook said. “The property’s below market rents at an attractive price per unit allowed us to execute our area growth strategy.”