MIAMI, FL – Monument Capital Management, an A-Rod CORP company and one of the country's leading fully integrated real estate investment firms, announced the acquisition of White Pines Apartments, a 123-unit community in Shakopee, Minnesota, worth $ 15.3 million – $ 19.7 million known to acquire Margate on Cone, a 233-unit community in Greensboro, North Carolina.
The acquisitions mark Monument's entry into Greensboro and its general expansion into Minnesota. Both properties will be added to Monument Opportunity Fund IV and will serve as the fund's debut in the state of Midwestern.
Ted Bickel of Colliers International represented Abacus Capital Group on the sale of White Pines, while Watson Bryant and Paul Marley of Cushman & Wakefield represented Cedar Grove Capital on the sale of Margate on Cone.
"Each of these markets showed clear opportunities that fit easily into our investment strategy for MOF IV," said Stuart Zook, principal and CIO of Monument Capital Management. "The continued development of the Greensboro MSA and Shakopee's exceptional employer base offer a vision of growth that will continue exceptional returns in our portfolio."
Each accommodation benefits from a comprehensive value-added program that includes upgrades to both interior and exterior furnishings.
White Pines was built in 1999 and is located at 1321-1364 Eagle Creek Blvd. One-, two-, and three-bedroom units have walk-in closets, vinyl floors, and dishwashers. Communal facilities include laundry, fitness center, Amazon Hub lockers, and patio areas with gas grills.
Margate on Cone was built in 1970 and is located at 900 E Cone Boulevard. The two- and three-bedroom units have vinyl floors, walk-in closets, a pantry, pendant lighting, and a patio / balcony. Communal facilities include a swimming pool, playground and club house.
Source: Monument Capital Management