CHICAGO, IL - Monument Capital Management, a division of A-ROD CORP and one of the country’s premier fully integrated real estate investment firms, expanded their footprint into the state of Illinois with the acquisition of Residences at 1550, a 509-unit apartment community located in Mt. Prospect. Located less than one hour from Chicago, the property will be managed by the firm’s sister company, Monument Real Estate Services.
Located at 1550 West Dempster Street, Mt. Prospect, IL, the property is situated on 20 acres and includes one-, two- and three-bedroom garden and townhome style floorplans. It is near a major employment hub, with major companies such as IBM, Automatic Data Processing (ADP), Alexian Brothers Medical Center, Motorola Solutions and others nearby. Amenities include a clubhouse, pool, fitness center, community room, business center and a playground.
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,” said Gregory Lozinak, CEO 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.”
“Mt. Prospect as a whole is a young community, with the median age under 40,” adds Lozinak, “and there is a need for workforce housing noting the many important corporations operating in and near the community.”
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 more than $325 million of assets under management in multifamily properties Southwest, Southeast, Midwest and Mid-Atlantic regions of the U.S.