MIAMI, FL - Monument Capital Management (MCM), an A-Rod CORP company and one of the country’s premier fully integrated real estate investment firms, announces that it has closed its first multifamily fund, known as Fund I, while simultaneously launching its fourth fund. The firm’s initial fund managed $21 million in equity, and the newly-launched Fund IV is targeting $50 million.
MCM closed Fund I with the disposition of Hampton Forrest Apartments in Greenville, South Carolina for $8.9 million. With over $20 million from high net worth investors as a base, Fund I eventually constituted a total of over 2,700 workforce housing units in six states, focused primarily on Texas, Maryland, and the Southeast U.S.
Fund I realized a net IRR of 30 percent to its investors after divesting a total of 10 assets valued at $123 million.
The firm also announces the immediate launch of Fund IV, a value-add workforce housing fund with a fundraising target of $50 million and equally compelling IRR expectations. MCM will focus on expanding their presence within Sunbelt markets, as well as select areas of the U.S. Midwest, where it already has a presence.
“We anticipate continue strong demand for workforce housing within key markets,” said Stuart Zook, Principal of Monument Capital Management. “This sector of the housing market is appealing to a broad range of individuals, from millennials to seniors, with many areas still undersupplied.”
Having acquired $700 million of real estate assets across 13 states through opportunity funds and joint ventures, MCM has strategically identified assets in markets with attractive demographics through a nimble approach that focuses chiefly on secondary and tertiary markets that feature excellent job growth, among other factors, and consequently the need for workforce housing.
Properties acquired and disposed in Fund I include: Forrest Village in Suitland, MD; Country Club in Charlotte, NC; Milbrook Pointe in Augusta, GA; Casa de Luna in Raleigh, NC and La Esencia in Houston, TX, among many others.
“Our successful approach to investing manifested itself with the fruitful results of Fund I, which we expect to build off of as we commence our portfolio growth for Fund IV,” concludes Zook.
For more information about Monument Capital Management, please visit mcmgmtllc.com
About Monument Capital Management: Monument Capital Management (MCM), an A-Rod CORP company, is one of the country’s premier fully integrated real estate investment firms. Specifically targeting markets with a strong demand for workforce housing, MCM has acquired $700 million of real estate assets across 13 states through opportunity funds and joint ventures. The organization strategically identifies assets in markets with attractive demographics at a deal size where competition is limited, and its seasoned team can immediately leverage its operational expertise. The firm has excelled at its mission of investing in real estate assets where it can add value and deliver superior, risk adjusted returns, while protecting capital and mitigating downside risks.