Suburban Multifamily Drawing Coastal Investors

Monument Capital Management, a Miami-based division of AROD CORP, has just expanded its footprint into IL by acquiring the Residences at 1550, a 509-unit apartment community located in suburban Mt. Prospect.

CHICAGO—The apartment market may be booming in both downtown Chicago and the city’s transit-friendly neighborhoods, but value-add investors like what they see out in the suburbs. Monument Capital Management, a Miami-based division of AROD CORP, has just expanded its footprint into IL by acquiring the Residences at 1550, a 509-unit apartment community located in suburban Mt. Prospect less than one hour from Chicago. The firm’s sister company, Monument Real Estate Services, will manage the property.

The purchase price was not disclosed, but Cook County property records show the new owner paid $68 million. Monument’s plans for the property include selective upgrades to the units, and exterior landscaping enhancements.