chi-Residencesat1450Exterior2 (2) A Miami-based firm just bought The Residences at 1450, a 222-unit apartment community in Mount Prospect, IL, one year after buying the property across the street.

CHICAGO—The rental market in downtown Chicago and other transit-friendly neighborhoods is booming, but out-of-state investors also see opportunity in the suburbs.

Monument Capital Management, an A-Rod CORP company, recently jumped into the suburbs’ value-add sector, and has expanded its IL footprint by buying The Residences at 1450, a 222-unit apartment community in Mount Prospect, IL.

In 2017, Miami-based Monument acquired The Residences at 1550, a 509-unit apartment community, now known as The Element, located directly across the street. Cook County records show the price for that property was $68 million. The company’s latest acquisition is located at 1450 Busse Rd. and spans nine two-story buildings featuring one- and two-bedroom residences with private entrances and patios in select units. The price was $24.1 million.

“We seek to reinvest in the neighborhood successfully as we did with The Element, our first property in this market,” says Stuart Zook, principal of Monument Capital Management. “This acquisition aligns with our growth strategy and further strengthens our ownership presence in the Chicagoland market and we look forward to continuing to provide our residents with our value-add program.”

Monument Capital Management plans to continue to implement its value-add program and upgrade the unit interiors. The apartment community’s amenities include a clubhouse, pool, grill area, playground, dog park, volleyball court, state-of-the-art fitness center, business center, laundry facilities, onsite storage options and lushly landscaped grounds.

Leasing activity in the metro area outpaces delivery, making it a good time to invest in many of the region’s submarkets. According to Berkadia, occupancy jumped 40 bps since the first quarter to 94% in the second quarter, leading operators to raise effective rents by 2.3%.