276-unit property marks seventh acquisition for Monument Opportunity Fund III and firm’s Arizona expansion

Monument Capital Management, one of the country’s premier fully integrated real estate investment firms, has announced the acquisition of the Casa Bellisima apartment community in Glendale, Arizona. The multifamily property is the firm’s first asset in the state and seventh acquisition for the firm’s Monument Opportunity Fund III which launched last year, and will be managed by Monument Capital Management’s sister company, Monument Real Estate Services.

Spanning across 18 two-story buildings, Casa Bellisima is located at 6565 W Bethany Home Road in Glendale, Arizona and is comprised of 276 units featuring studio, one- and two- bedroom garden style homes. Amenities include a clubhouse, three swimming pools, on-site laundry facilities, ample parking spaces with garages and a playground complete with a grilling area.

Casa Bellisima was identified as a strategic investment opportunity as the firm’s first asset in the Phoenix market aligning with Monument Capital Management’s plan to secure and expand its footprint in the Arizona region. Monument Capital Management plans to implement upgrades throughout the property to improve the curb appeal and unit interiors.

“The quasi off-market sale of Casa Bellisima provides a firm foothold as we expand our ownership presence in Arizona,” said Stuart Zook, President of Monument Capital Management. “The property’s below market rents at an attractive price per unit allowed us to execute our area growth strategy.”

Monument Opportunity Fund III (MOF III) is the third fund created by Monument Capital Management. Since inception in October 2015, MOF III has deployed over $60 million in six assets targeting acquisitions in markets with strong workforce populations. The first and second funds created by Monument Capital Management account for over $274 million of multifamily properties in key markets across the U.S.

About Monument Capital Management

Monument Capital Management (MCM) executes transactions on behalf of the three investment funds it directs. Under its first two funds, MCM has acquired more than $274 million of multifamily properties throughout the Southwest, Southeast, Midwest and Mid-Atlantic regions of the U.S. Currently, the firm is deploying capital from its third fund and will target markets with a strong demand for workforce housing. MCM’s investment objective is to strategically identify assets in markets with attractive demographics at a deal size where competition is limited and its exceptional management team can add immediate operational value via its proven investment management model.

About Monument Real Estate Services

Monument Real Estate Services (MRES) is an asset manager, property manager and value-add specialist that directs a full suite of services in the strongest multifamily markets nationwide. MRES manages a portfolio of more than 12,000 units in markets throughout the Southwest, Southeast, Midwest and Mid-Atlantic regions of the U.S. MRES provides guidance to institutional and individual investors in the acquisition, financing, and property management of income producing properties. With a foundation of institutional quality reporting, coupled with the hands-on style of an owner’s mindset, the company’s integrated approach is flexible and adaptable to both class A properties and properties requiring significant re-positioning. MRES is part of the Monument family of companies and is based in Miami.