Monument Capital Management Acquires 168-Unit Community
- Feb 03, 2017
By Adina Marcut
Eagan, Minn.—Monument Capital Management has acquired Lexington Hills Apartments, a 168-unit community in Eagan, Minn. The Miami-based investment firm purchased the property on behalf of several private investors. The project will be managed by Monument Capital Management’s sister company, Monument Real Estate Services.
The seven-building, two-story community features studios, one- and two-bedroom units. Common amenities include controlled access, a clubhouse, fitness center, swimming pool, laundry facilities and a total of 336-parking spaces. Additional apartment facilities count individual air conditioning, central heating and private balcony or patio. Lexington Hills Apartments is also pet friendly.
Located at 4116 S. Lexington Ave., in the heart of Eagan, the community is within minutes from major thoroughfares. Grocery stores, shopping malls, restaurants, parks and bicycle trails are all located nearby. According to Yardi Matrix data, the property was 96.4 percent occupied as of December 2016.
“We are very encouraged to have secured our first acquisition in Minnesota,” Stuart Zook, chief investment officer of Monument Capital Management, said in a statement. “Its location and amenities create a great sense of place for the residents, making it an ideal long-term investment for Monument. We very much look forward to furthering our reach into Minnesota.”
Image courtesy of Yardi Matrix