Monument Real Estate Expands NC Footprint
- Nov 18, 2016
by Laura Calugar
Durham, Charlotte, N.C.—Monument Real Estate Services (MRES), a Miami-based company, recently announced that it has been retained to manage two apartment communities in the Tar Heel State: Haven at Research Triangle Park, a 369-unit community in Durham; and 1700 Place, a 214-unit community in Charlotte. Upgrades will be implemented by the properties’ new administration team. With these additions, MRES’ management portfolio surpasses 2,100 units in North Carolina.
Located at 3001 New Haven Drive, on 28 acres in Durham, Haven at Research Triangle Park encompasses 41 two- and three-story buildings. Formerly known as Arium at Research Triangle Park, the garden-style community offers one-, two-, and three-bedroom residences and townhomes. Common area amenities include a resort-style pool, fitness center, playground, coffee bar, clubhouse, business center, conference room and 750 parking spaces. According to Yardi Matrix data, the property was last sold to White Eagle Property Group in May 2016 for $43 million. The occupancy rate in October 2016 was 91 percent and the average rent this year was approximately $1,000.
Previously known as Arium McAlpine Place or Colonial Village, 1700 Place is situated on 15 acres, adjacent to McAlpine Business Park, at 1700 Charleston Place Lane in Charlotte. The property offers a convenient commute for residents to the area’s largest employment centers. Residents will also soon benefit from the Monroe Road Streetscape Project currently underway, which will create a pedestrian-oriented and mixed-use corridor complete with bike lanes. Completed in 1986, the property has one- and two-bedroom units spread into 11 two- and three-story buildings. Community amenities include a clubhouse with fitness center, pool and sundeck, tennis court and 335 parking spaces. The Carroll Org. bought the property in 2014 before selling it this year to an undisclosed buyer.
“Haven at Research Triangle Park and 1700 Place are excellent properties that we are pleased to welcome to the Monument portfolio. We now proudly serve the owners and residents of more than 2,100 units, across 11 properties in North Carolina and look forward to continued growth in this area of the country,” said Gregory Lozinak, COO of Monument Real Estate Services, in prepared remarks.
MRES’ other properties throughout North Carolina include: Silverstone Apartments and Somerset Apartments in Charlotte; 901 Center Station and Azalea Park Apartments in Durham; Garden Villas in Gastonia; The Hedges in Greensboro; Stone Gables in Raeford; and Casa de Luna Apartments and Casa del Sol in Raleigh.
Images courtesy of Haven at Research Triangle Park and 1700 Place