Monument Capital Management has closed on the acquisition of Brookwood Apartments community in Tucson, Arizona in a $13 million deal. The 272-unit apartment community will be managed by the firm’s sister company, Monument Real Estate Services. The property encompasses 34 two-story buildings and features a courtyard, pool, spa, game room, dog-park, laundry facilities and B.B.Q area. Monument Capital plans to implement value- add program with upgrades throughout the property to improve the units’ interiors. The asset was purchased from Summit Equity Investments Inc.
“We are pleased with the addition of Brookwood Apartments to our portfolio as it is a strategic investment opportunity that allows us to implement our successful value-add program with this community and the residents we serve,” said Stuart Zook, Chief Investment Officer of Monument Capital Management. “This off-market sale provides a firm foothold to execute our area growth strategy as we continue to expand our ownership presence in Arizona.”
