Monument Capital Management Adds Community in Athens
- Feb 04, 2016
Athens, Ga.—Monument Capital Management has acquired the Legacy of Athens apartment community. The transaction marks the firm’s third purchase through its Monument Opportunity Fund III.
Located on 19.44 acres at 100 Ashely Circle in Athens, Legacy of Athens features 240 garden-style apartments, totaling 255,640 square feet. The community was built in 1970 and boasts a clubhouse, pool, playground, picnic area and tennis court. Tenants can choose from one-, two-, and three-bedroom apartments as well as two-bedroom townhomes. Units feature private balconies, washer and dryer connections, ceiling fans and plush carpeting.
This acquisition fits with Monument Capital Management’s strategic plan to add workforce housing properties in relatively untapped markets in the Southwest, Southeast, Midwest and Mid-Atlantic regions of the U.S., to its portfolio. The firm partnered with FM Capital to identify Legacy of Athens, which has a high occupancy rate. Monument Capital Management plans to upgrade unit interiors and the property’s exterior, all according to citybizlist..
Monument Opportunity Fund III is the third fund for Monument Capital Management with the first and second fund accounting for more than $274 million of multifamily properties in key markets across the U.S. The property will be managed by the investor’s sister company, Monument Real Estate Services. The seller was Athens Legacy Limited Partnership.
Photo courtesy of Monument Capital Management