Monument Capital Management has purchased Townhomes at Highcrest, a 176-unit apartment community in Woodbridge, Ill., for an undisclosed amount from Highcrest Apartments.
The acquisition marks Monument Capital’s third property in the Chicago area. It will be part of Monument Opportunity Fund IV, 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. “With a low unemployment rate and demand outpacing supply, the acquisition marks an important step toward adding sound investments to our latest fund.”
The real estate investment firm plans to invest approximately $1.5 million in capi
