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.