Monument Capital Management, based in Miami, has gone out of state for its newest multi family purchase with the acquisition of Lexington Hills Apartments in Eagan, Minnesota. The seven-building community, located at 4116 Lexington Avenue South, has undergone more than $1.8 million in recent upgrades to its units and common areas in a process which will continue under the new ownership. Monument Capital Management acquired the asset on behalf of a select number of private investors and will manage the community through the firm’s sister company, Monument Real Estate Services. Monument bought the asset from an entity related to Bellevue, Washington-based Curtis Capital Group for $22.5 million.
“We are very encouraged to have secured our first acquisition in Minnesota,” said Stuart Zook, Chief Investment Officer of Monument Capital Management. “Its location and amenities creates a great sense of place for the residents, making it an ideal long-term investment for Monument. We very much look forward to furthering our reach into Minnesota.”
