168-unit property signals Monument’s entry into the Minnesota market
Monument Capital Management, one of the country’s premier fully integrated real estate investment firms, today announced its entry into the Minnesota market through the acquisition of Lexington Hills Apartments in Eagan, Minnesota.
Monument Capital Management acquired the desirable rental apartment community on behalf of a select number of private investors. Monument as an organization also manages several real estate-focused funds. The project will be managed by Monument Capital Management’s sister company, Monument Real Estate Services.
The seven-building community, located at 4116 Lexington Avenue South in Eagan, has had more than $1.8 million in recent upgrades to many of the units and common areas. The upgrades will continue under the new ownership.
Located within minutes from major thoroughfares, Lexington Hills’ amenities include a clubhouse with an outdoor lounge area, fitness center, swimming pool and detached garages.
“We are very encouraged to have secured our first acquisition in Minnesota,” said Stuart Zook, Chief Investment Officer of Monument Capital Management. “Its location and amenities creates a great sense of place for the residents, making it an ideal long-term investment for Monument. We very much look forward to furthering our reach into Minnesota.”
About Monument Capital Management
Monument Capital Management (MCM) executes transactions on behalf of the three investment funds it directs, as well as acquisitions on behalf of a select number of private investors. 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.
