Monument Real Estate Services Acquires New Management Assignment - Bartlett Lakes
Aug 06, 2020
Chicago, IL (Aug. 6, 2020) – Monument Capital Management, an A-Rod CORP company and one of the country’s premier fully integrated real estate investment firms, has announced the acquisition of Bartlett Lakes, a 192-unit apartment community in Bartlett, Illinois. The community will be managed by Monument Real Estate Services.
This is the fifth overall property as part of Monument Opportunity Fund IV, the second for the fund in Illinois. The firm now operates a total of four properties in Illinois within its portfolio. Monument now owns or manages 26 properties with over 5,600 units throughout the Sun Belt and Midwest regions of the country.
Managing Director Brian Kochendorfer of Essex Realty represented the seller of Barlett Lakes, Northridge Holdings, Ltd. Monument Capital Management represented itself in the transaction.
Monument Capital Management plans a variety of upgrades throughout the property including the renovation of unit interiors and exteriors and improvement of curb appeal and amenities.
“Bartlett Lakes ideally fits our acquisition model, which is focused on growth areas with strong employment opportunities,” said Stuart Zook, Principal and CIO of Monument Capital Management. “In spite of the challenges of the COVID pandemic, we are still extremely bullish on the area, and in workforce housing in general, which can only increase in demand in the foreseeable future.”
Developed in 1971, Bartlett Lakes is located at 562 Deere Park Circle and offers floor plans averaging 778 square feet. Community amenities feature an elevator, swimming pool, playground, laundry facilities and a grill and picnic area.
Bartlett Lakes is conveniently situated less than 1 mile north from the Bartlett MD-W Metra Station, and in close proximity to the Elgin O'Hare Expressway, I-290 and I-355, providing access to multiple major employment, entertainment hubs and the higher end markets of Hoffman Estates, Elk Grove and Carol Stream.