Monument Capital Management Announces Second Minnesota Acquisition in One Week With $9.86 Million Purchase of LUX Apartments Acquisition of 72-unit LUX Apartments in Fridley is on the heels of the purchase of 144-unit Ridgebrook Apartments in neighboring Brooklyn Park MINNEAPOLIS, MN (Feb. 3, 2022) – Monument Capital Management, an A-Rod Corp company, has made its second acquisition in Minnesota within a week, purchasing LUX Apartments, a 72-unit multifamily community located at 1230 Cheri Lane Northeast, in Fridley, MN, for $9.86 million. LUX Apartments and last week’s purchase, Ridgebrook Apartments, are within very close proximity, both some 20 minutes north of downtown Minneapolis. Like the Ridebrook purchase, LUX is a joint venture between Monument and unnamed private investors. Monument now owns and manages seven multi-family properties in Minnesota, totaling 819 units, inclusive of joint ventures. Quality Trusted Property Management was the seller and was represented by Ted Brickel of Colliers. Monument self-represented in the transaction. Built in 1963, LUX Apartments encompasses four three-story buildings on 3.28 acres of property, with a total of 72 units. Amenities include a BBQ area, dog park, laundry centers and garages. Monument will be upgrading elements of the common areas, as well as the units, adding washers and dryers among other updates. “With a location directly across the street from Medtronic Operational Headquarters, LUX is an outstanding workforce housing option,” says Stuart Zook, Chief Investment Officer for Monument Capital Management. “With our upgrades, LUX will continue as a viable housing solution.” “We recognize and appreciate the demand for workforce housing, particularly in areas with significant employment opportunities,” said Erin Knight, President of Monument Capital Management. “To that end, Minnesota is thriving, and we look forward to furthering our presence within the state.” For more information, please visit http://www.mcmgmtllc.com/.