Monument Capital Management, an A-Rod Corp. company and a fully integrated real estate investment firm, has entered the Missouri market with the $67.3 million acquisition of a 528-unit multifamily community in St. Louis. The seller was FPA5 Pheasant Run.

Haven on the Lake represents the firm’s eighth acquisition in the Monument Opportunity Fund IV.

Stuart Zook, principal and chief investment officer, Monument Capital Management
Stuart Zook, principal and chief investment officer, Monument Capital Management

“Haven on the Lake’s proven value-add thesis and its strategic location near major employment hubs created a compelling opportunity to enter the Missouri market and add a sizable asset that speaks to the continued growth and vision our funds are tailored for,” said Stuart Zook, principal and chief investment officer of Monument Capital Management. “With the property having received some renovations that translated into successful rent premiums, Haven on the Lake will serve as a complementary asset to our portfolio that easily meets our underwriting standards.”

Built in 1974, the multifamily community features one-, two-, and three-bedroom units with walk-in closets, modern bamboo flooring, brushed nickel accents, fireplaces, and private balconies or patios. Amenities include a state-of-the-art fitness center, indoor and outdoor tennis courts, a business center, and a newly renovated clubhouse.

The new owner has plans for extensive capital improvements of unit interiors while also improving the community’s curb appeal, exteriors, and amenities.

Berkadia’s Brad Williamson, managing director in the Miami office, and Wesley Moczul, associate director in the Orlando office, secured $52 million in financing for the acquisition. Berkadia originated and Freddie Mac purchased the six-year fixed-rate loan.

“Considering the property’s upside potential and proximity to central St. Louis, Haven on the Lake serves as an exemplary asset for workforce housing in an area with few deliveries and rising rents,” said Williamson. “The sponsor’s investment objective was taken into account throughout the financial underwriting process, fitting into their overall strategy for this asset.”