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.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
