Monument Real Estate Services Acquires New Management Assignment- Sterling Hills
Sep 05, 2019
Monument Capital Management Enters Tennessee Market with Acquisition of 216-unit Multifamily Community
Johnson City, Tenn. (Sept. 4, 2019) – 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 Sterling Hills Apartment Homes, a 216-unit multifamily community in Johnson City, Tennessee. Monument Capital Management acquired the property from Sterling Hills Apartments, LLC and will implement a $2.3 million capital improvement project throughout the property.
Located at 1 Milligan Lane, Sterling Hills Apartment Homes is the firm’s first property in the Tennessee market, will be managed by Monument Real Estate Services and will be part of Monument Opportunity Fund IV, launched earlier this year. The firm owns a total of 25 properties totaling over 5,300 units throughout the Southeast, Midwest and Texas, and is actively engaged in pursuing additional opportunities.
Senior Associate Brad Boston of Cushman & Wakefield represented the seller. Monument Capital Management represented itself in the transaction.
“The Southeast region continues to demonstrate strong job and population growth conducive to demand for workforce housing with upside potential,” said Stuart Zook, Principal of Monument Capital Management. “The property’s location in the Tri-Cities region of Johnson City, Kingsport and Bristol made it a strategic fit in our latest Fund, with Johnson City exemplifying strong growth in the future.”
Monument Capital Management plans to carry out a number of upgrades throughout the property’s interiors and exteriors including new flooring, appliances, cabinets, countertops, fixtures, and washer/dryer connections. New amenities include a clubhouse, fitness center, gazebo, sport court and lush landscaping.
Built in 1980, Sterling Hills Apartment Homes offers one-, two-, and three-bedroom units averaging 876 square feet. Interiors feature a loft layout, linen closets, dishwasher and washer/dryer. Community amenities include a fitness center, basketball court, swimming pool, courtyard, grill and picnic area.
Situated about 10 minutes away from downtown Johnson City, Sterling Hills Apartment Homes is found near major employers and educational institutions. Supporting almost 1,000 jobs and over 15,000 students, East Tennessee State University is 10 minutes away from the asset, with Mountain State Health and Citi Group also nearby.