Monument Capital Management, an A-Rod Corp company, has made its second acquisition in Minnesota within a week, purchasing LUX Apartments, a 72-unit multifamily community located at 1230 Cheri Lane Northeast, in Fridley, Minnesota, for $9.86 million.
LUX Apartments and last week’s purchase, Ridgebrook Apartments, are within close proximity, both some 20 minutes north of downtown Minneapolis.
Like the Ridgebrook purchase, LUX is a joint venture between Monument and unnamed private investors. Monument now owns and manages seven multi-family properties in Minnesota, totaling 819 units, inclusive of joint ventures.
Quality Trusted Property Management was the seller and was represented by Ted Brickel of Colliers. Monument self-represented in the transaction.
Built in 1963, LUX Apartments encompasses four three-story buildings on 3.28 acres of property, with a total of 72 units. Amenities include a BBQ area, dog park, laundry centers and garages.
Monument will be upgrading elements of the common areas, as well as the units, adding washers and dryers among other updates.