Monument Capital Management Expands Chicago-Area Portfolio
The company purchased Townhomes at Highcrest in Woodbridge as part of Monument Opportunity Fund IV and is planning capital improvements for all the buildings.
3514 W. 83 St. Image courtesy of Monument Capital Management
Monument Capital Management has closed its third multifamily acquisition in the Chicago-area with the purchase of Townhomes at Highcrest, a 176-unit community in Woodridge, Ill. According to county records, the company paid $26.2 million for the property and funded the acquisition via a $22.2 million loan with Greystone. The property will be part of Monument Opportunity Fund IV, launched earlier this year, and follows the acquisition of The Residences at 1450, a 222-unit community in Mount Prospect, Ill.
The seller, according to Yardi Matrix data, is Laramar Group, which purchased the community in 2013 from Aimco, paying $20.2 million for the 1968-built. The property is located at 3514 W. 83rd St. and features one-, two- and three-bedroom units which were 96 percent occupied as of June. Monthly rents averaged $1,388.
Monument announced that it plans to invest $1.5 million in capital improvements throughout all 10 buildings, which will include new flooring in each unit, modern appliances, landscaping and a new state-of-the-art fitness center. The community already includes private patios, 29 laundry facilities and a swimming pool and provides access to Greene Valley Forest Preserve. The property can be accessed via interstates 355 and 55.
