Monument purchased Park Center, a 574-unit complex of three 15-story high-rise and two four-story garden-style structures, from Park Center Apartments LLC for $130 million. The seller was represented by Transwestern Commercial Services. Situated on a 10.5-acre plot of land directly off Interstate 395 and King Street, the apartments feature a three-level parking facility, as well as a fitness center, community center, game room, business center, a deli and convenience store. Development of the property, which carries a current assessed value of $108 million, was completed in 1979.

Monument secured financing for the acquisition from Lehman Brothers and plans an upgrade to the property that holds a slight bit of irony; the company will convert Park Center Apartments to a condominium development, which is the condition in which the property started out in the 1970s. "[We view Park Center] as a great opportunity to target a segment of the market that is largely underserved by providing a first-class product at prices substantially less than those offered on projects with new construction," says Jeff Neal, Monument co-founder and principal.

Monument acquired the Commons at McLean in a $163.8-million deal. The 577-unit complex, which consists solely of garden-style structures, occupies 33 acres. It was completed in 1973 and was financed for Monument's acquisition through Lehman Brothers. Amenities include a business center, swimming pool, basketball and volleyball courts, and a Safeway grocery store. Transwestern also represented the sellers--Commons Investors LLC, Circle Commons LLC and Park Center Commons LLC--in this transaction.

Monument hopes to develop the excess acreage to create a mixed-use community. Such a plan requires the approval of Fairfax County officials. "Our interest in the Commons of McLean was based on basic real estate fundamentals: an opportunity to acquire 33 acres of land adjacent to a future Metro station in one of the regions best submarkets," Monument co-founder and principal Michael J. Darby explains. "McLean Commons is well situated for redevelopment."