Monument Capital Management, a Miami-based A-Rod Corp company founded by Alex Rodriguez and Ramon Corona in 2012, recently acquired the Townhomes at Highcrest, a 176-unit apartment community in Woodridge, Ill., about 30 miles west of downtown Chicago. Highcrest Apartments, LLC, sold the property in an off-market transaction for an undisclosed price. Monument’s third investment in the Chicagoland market, the property was purchased via its Monument Opportunity Fund IV, which was launched earlier this year.
“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.”
Built in 1968, the Townhomes at Highcrest offers one-, two-, and three-bedroom units featuring hardwood floors, private patios, private entryways, dishwashers, and stainless steel appliances. Community amenities include on-site maintenance, a swimming pool, and laundry facilities.
Monument intends to invest approximately $1.5 million in capital improvements in the property, which will encompass a number of upgrades throughout the interiors and exteriors including new flooring, modern appliances, lush landscaping, and the addition of a state-of-the-art fitness center.
Monument is especially interested in addressing the need for affordable workforce housing in hot real estate markets, such as greater Chicago. In August 2017, the firm acquired The Residences at 1550, a 509-unit apartment community in the Chicago suburb of Mount Prospect. A year later, the firm moved across the street to scoop up The Residences at 1450, a 1965-vintage community that includes 222 garden-style units.
The firm has acquired $700 million of real estate assets across 13 states through opportunity funds and joint ventures. The organization strategically identifies assets in markets with attractive demographics at a deal size where competition is limited.
