JACKSONVILLE, NC - Monument Capital Management, an A-Rod CORP company and one of the country’s premier fully integrated real estate investment firms, announces the acquisition of Brynn Marr Apartments, a 196-unit multifamily community in Jacksonville, North Carolina. Monument Capital Management acquired the property from Brynn Marr Apartments, LLC and will make a number of meaningful upgrades to the property.
Located at 301 Village Drive, Jacksonville, NC, Brynn Marr Apartments is the firm’s third property as part of its latest fund, Monument Opportunity Fund IV. The firm now owns a total of 23 properties with nearly 5,000 units throughout the Southeast, Midwest and Texas, and is actively engaged in pursuing additional investment opportunities.
“Our strategic entry into the Jacksonville market allows us to not only add a compelling value-add opportunity to our latest Fund, but also achieve scale along coastal North Carolina with two assets approximately an hour away from one another,” said Stuart Zook, principal of Monument Capital Management. “As the state sees continued in-migration and local fundamentals being supported by the presence of Camp LeJeune, the asset’s advantageous location and surrounding economic drivers offer long-term growth in the area.”
Director Paul Marley of Cushman & Wakefield’s Multifamily Advisor Group represented the seller, with Monument Capital Management representing itself in the transaction.
Monument Capital Management plans to upgrade unit interiors, improve the exterior of the property, heighten curb appeal, add a business center and expand the community’s fitness center.
Built in 1975, Brynn Marr apartments offers one-, two- and three-bedroom units including hardwood floors, dishwasher/disposal and range. Community amenities include package services, laundry facilities, swimming pool, sundeck and courtyard. The property is situated 10 minutes away from Camp LeJeune, the largest Marine Corps base on the east coast employing approximately 170,000 people.