Monument Capital Management Scores Two SC Properties
- Oct 20, 2016
Greenville and Spartanburg, S.C.—Monument Capital Management has recently purchased Park West Apartments in Greenville, S.C. and Magnolia Townhomes in Spartanburg, S.C. The multifamily properties are the fifth and sixth acquisitions for the firm’s Monument Opportunity Fund III, which launched last year and will be managed by Monument Capital Management’s sister company, Monument Real Estate Services. According to Yardi Matrix, the property in Greenville changed hands for $16 million.
Located at 357 Hillandale Road, on over 20 acres in north Greenville, Park West Apartments features 305 one- and two-bedroom garden-style residences and 54 two-bedroom townhomes. Amenities include a fitness center, business center, two swimming pools, three laundry facilities and 640 parking spaces. The property is close to the Cherrydale Point shopping district, as well as major employers including General Electric, Michelin and BMW Manufacturing. Park West also provides access to nearby universities such as Furman University, Bob Jones University and St. Francis Medical.
Magnolia Townhomes is situated at 201 E Blackstock Road on more than eight acres in southwest Spartanburg. The property offers 98 units consisting of 18 one-bedroom garden-style apartments and 80 two- and three-bedroom townhomes. Residents can enjoy amenities including a clubhouse, swimming pool and laundry room. The community provides convenient access to the Westgate Mall area, as well as major employers such as Spartanburg Memorial Hospital and Spartanburg Regional Hospital.
“The growing demand for workforce housing in close proximity to job centers is evidenced through the high occupancy rates at each of these properties and we look forward to adding value and enhancing the living environments for our residents,” said Stuart Zook, president of Monument Capital Management.
The company plans to upgrade each property by improving the curb appeal and unit interiors. Both multifamily properties were identified as strategic investment opportunities aligning with Monument Capital Management’s plan to acquire workforce housing properties in relatively untapped markets in the Southwest, Southeast, Midwest and Mid-Atlantic regions of the U.S.
Images courtesy of Kreps DeMaria