Monument Capital Management Nabs Tucson Community
The newly acquired asset will add 272 units to the company’s portfolio. The new owner is planning to implement value-add improvements.
By Evelina Croitoru
Monument Capital Management has acquired Brookwood Apartments in Tucson, Ariz. The residential property will be managed by the company’s sister firm Monument Real Estate Services.
Located at 201 S. Kolb Road, the 272-unit community features one-bedroom and two-bedroom floor plans ranging from 566 to 973 square feet. Property amenities include a clubhouse, volleyball court, swimming pool with spa, three laundry facilities and 275 parking stalls. The asset completed in 1974 encompasses 34 two-story buildings. At the time of the deal, the property was 95 percent occupied. Monument Capital also revealed plans to implement value-add improvements, upgrading the units’ interiors with the addition of washer and dryer appliances, refinished countertops, faux wood flooring, brushed nickel light and plumbing fixtures.
According to Yardi Matrix, the property last traded in 2014 for $11.5 million, being acquired by Summit Equity Investments from HSL Properties. The transaction was subject to a $8.3 million loan originated by Walker & Dunlop, which is due in 2024.
Images courtesy of brookwoodtucson.com