“Mt. Prospect as a whole is a young community, with the median age under 40,” adds Lozinak, “and there is a need for workforce housing noting the many important corporations operating in and near the community.”

CHICAGO—The apartment market may be booming in both downtown Chicago and the city's transit-friendly neighborhoods, but value-add investors like what they see out in the suburbs. Monument Capital Management, a Miami-based division of AROD CORP, has just expanded its footprint into IL by acquiring the Residences at 1550, a 509-unit apartment community located in suburban Mt. Prospect less than one hour from Chicago. The firm's sister company, Monument Real Estate Services, will manage the property.

The purchase price was not disclosed, but Cook County property records show the new owner paid $68 million. Monument's plans for the property include selective upgrades to the units, and exterior landscaping enhancements.

“We are very pleased to expand Monument's footprint with this acquisition, our first in Illinois,” says Gregory Lozinak, chief executive officer of Monument Capital Management. “It ideally fits our overall growth strategy and allows us to implement our proven value-add program to this community, which benefits the residents we serve.”

Located at 1550 West Dempster Ave., the property sits on 20 acres and includes one-, two- and three-bedroom garden and townhome style floorplans. It is near a major employment hub, with major companies such as IBM, Automatic Data Processing, Alexian Brothers Medical Center, Motorola Solutions and others nearby. Amenities include a clubhouse, pool, fitness center, community room, business center and a playground.

“Mt. Prospect as a whole is a young community, with the median age under 40,” adds Lozinak, “and there is a need for workforce housing noting the many important corporations operating in and near the community.”