Monument Capital Management, a division of A-ROD CORP, has picked up a 509 unit multifamily asset in Mt. Prospect, Illinois. Located at 1550 West Dempster Street, the Residences at 1550 sits on a 20 acre site with a mixture of one, two, and three bedroom garden and townhome style floorplans. Amenities include a clubhouse, pool, fitness center, community room, business center and a playground. The community rests within a short distance of major employers IBM, Automatic Data Processing (ADP), Alexian Brothers Medical Center and Motorola Solutions. The property will be managed by the firm’s sister company, Monument Real Estate Services. Terms of the transaction were not disclosed.
“We are very pleased to expand Monument’s footprint with this acquisition, our first in Illinois,” said Gregory Lozinak, CEO of Monument Capital Management. “It ideally fits our overall growth strategy and allows us to implement our proven value-add program to this community, which benefits the residents we serve. Mt. Prospect as a whole is a young community, with the median age under 40 and there is a need for workforce housing noting the many important corporations operating in and near the community.”
