Fully integrated real estate investment firm Monument Capital Management, an A-Rod CORP company, has acquired Townhomes at Highcrest, a 176-unit apartment community in Woodbridge, Illinois. Monument Capital Management acquired the property from Highcrest Apartments, LLC and plans to invest approximately $1.5 million in capital improvements throughout the property.
Located at 3514 W. 83 Street, Townhomes at Highcrest is Monument Capital Management’s third property in the Chicago area and will be a part of Monument Opportunity Fund IV, launched earlier this year. The firm owns a total of 30 properties totaling over 6,000 units throughout the Southeast, Midwest, Texas and Arizona, and is actively engaged in pursuing additional opportunities.
“The Chicagoland market has demonstrated compelling fundamentals for multifamily investment, including a resilient economy and an uptick in employment growth,” said Stuart Zook, principal of Monument Capital Management. “With a low unemployment rate and demand outpacing supply, the acquisition marks an important step toward adding sound investments to our latest Fund.”
Monument Capital Management plans to carry out a number of upgrades throughout the property’s interiors and exteriors including new flooring in each unit, modern appliances, lush landscaping and the addition of a state-of-the-art fitness center.
Built in 1968, Townhomes at Highcrest offers one-, two- and three-bedroom units featuring hardwood floors, private patios, private entryway, dishwasher and stainless steel appliances. Community amenities include on-site maintenance, swimming pool and laundry facilities.