Monument Capital Management has announced the acquisitions of Park West Apartments in Greenville, S.C. and Magnolia Townhomes in Spartanburg, SC. The 457 units will be placed in the firm’s Monument Opportunity Fund III and will be managed by Monument Real Estate Services. Located at 357 Hillandale Road in north Greenville, Park West Apartments is comprised of 359 units while Magnolia Townhomes offers 98 units in Spartanburg. Terms of the sale were not disclosed.
“The off-market acquisitions of Park West Apartments and Magnolia Townhomes significantly strengthen our ownership presence in the Greenville-Spartanburg area, allowing for economies of scale with nearby properties that we own and manage,” said Stuart Zook, President of Monument Capital Management. “The growing demand for workforce housing in close proximity to job centers is evidenced through the high occupancy rates at each of these properties, and we look forward to adding value and enhancing the living environments for our residents.”
