Monument Real Estate Services Acquires New Management Assignment- Eagle Pointe Apartments
Sep 30, 2021
Monument Capital Management Announces $30.250 Million Acquisition of Rental Apartment Community in West St. Paul, Minnesota
Acquisition of 216-unit Eagle Point Apartments is the ninth and final acquisition of Monument Opportunity Fund IV
MINNEAPOLIS, MN (Sept. 30, 2021) – Monument Capital Management, an A-Rod CORP company and one of the country’s premier fully integrated real estate investment firms, announced the $30.250 million acquisition of Eagle Point Apartments, a 216-unit multifamily community located at 2044 Oakdale Avenue, West St. Paul, Minnesota.
The acquisition of Eagle Point closes out Monument Capital Management’s Monument Opportunity Fund IV, and represents the fund’s ninth acquisition. It is Monument’s fifth overall acquisition in Minnesota, inclusive of existing joint ventures. The community will be managed by Monument Real Estate Services, LLC.
Jones Lang LaSalle (JLL) represented the sellers, Timberland Partners XXXIV, LLP; Timberland Partners III, LLP, and Michael A. Nelson, LLC. Monument represented itself in the transaction.
Built in 1972, Eagle Pointe is a fully-amenitized apartment community on 11.5 acres, comprised chiefly of two-bedroom residences. It offers a broad range of amenities, among them a fitness center, indoor and outdoor pool, tennis court, and more.
Monument will be upgrading the unit interiors and the building exterior, as well as enhancing the amenities and the community’s overall curb appeal.
“We are extremely bullish on Minnesota as a whole, and very pleased with this particular acquisition,” said Stuart Zook, Principal and CIO of Monument Capital Management. “It ideally fits our acquisition criteria, that of being in a strategic location, near a major employment hub.”
“Workforce housing is one of the most compelling housing needs,” adds Erin Knight, President of Monument Capital Management. “We look forward to exploring additional opportunities within Minnesota.”
For more information, please visit http://www.mcmgmtllc.com/.