Monument Capital Management Makes 1st Tennessee Foray
- Sep 06, 2019
Monument Capital Management has closed on a 216-unit community acquisition in Johnson City, Tenn., approximately one month after buying Townhomes at Highcrest in Woodridge, Ill. Sterling Hills Apartment Homes represents the company’s first multifamily property in the Tennessee market and will be part of Monument Opportunity Fund IV, launched earlier this year. The buyer represented itself in the transaction, while Cushman & Wakefield Senior Associate Brad Boston arranged the deal on behalf of the seller.
Located at 1 Milligan Lane, the property provides a mix of one-, two- and three-bedroom units averaging 876 square feet. Residents have access to a basketball court, swimming pool, courtyard as well as a grill and picnic area. Downtown Johnson City and East Tennessee State University are approximately 5 miles from the property.
The buyer plans to invest $2.3 million in capital improvements, which are expected to include new flooring, appliances, cabinet and countertops replacements, fixtures as well as washer and dryer connections. Plans also call for the addition of several new amenities to the community such as a fitness center, gazebo, sport court and landscaping.
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