Monument Real Estate Services Acquires New Management Assignment - Triple Crown at Tates Creek
Mar 02, 2020
Lexington, Ky. (March 2, 2020) – Monument Capital Management, an A-Rod CORP company and one of the country’s premier fully integrated real estate investment firms, announce the acquisition of Triple Crown at Tates Creek, a 228-unit garden style community in Lexington, Kentucky. This is the firm’s fourth property as part of Monument Opportunity Fund IV, which will also undergo an extensive capital improvements project. The community will be managed by Monument Real Estate Services.
The firm now owns a total of 24 properties with nearly 5,000 units throughout the Sun Belt region and the Midwest, and is actively engaged in pursuing additional investment opportunities.
“As multifamily investment remains highly competitive throughout most states in the Sun Belt due to job and population growth, tertiary markets like Lexington create a unique opportunity to enter burgeoning markets at attractive price points with potential for high yield,” said Stuart Zook, Principal and CIO of Monument Capital Management. “The University of Kentucky’s footprint, along with a strong local manufacturing presence, make Lexington a promising market with room for growth.”
Managing Director Brad Williamson and Associate Director Wesley Moczul of Berkadia’s Miami office arranged the acquisition financing in under 31 days, utilizing a corresponding life company to originated a 3-year, floating rate loan with two 1-year extension options and full-term interest only. The loan represents total capitalization of 80 percent of cost and is priced at a rate of Libor + 265 percent. Berkadia will retain servicing through the life of the loan post-closing.
Built in 1974, Triple Crown at Tates Creek is located at 3501 Pimlico Parkway. One-, two- and three-bedroom units include brushed nickel finishes, private patios and balconies, wood style flooring, dishwasher and heating. Community amenities include a swimming pool, fitness center, playground, barbecues with outdoor dining and a dog walk area.
Situated near employment hubs and transit corridors, the property is less than 10 minutes away from Downtown Lexington and the University of Kentucky, and under 20 minutes away from Amazon’s local fulfillment center. Toyota’s manufacturing plant employing about 8,000 employees is about 30 minutes away, with transit routes like Interstate 75 and Interstate 64 less than 15 minutes away, offering access to the greater Lexington area and Kentucky.