Monument Capital Management bought a 222-unit low-lying apartment complex in Mount Prospect for $24.1 million, bringing its portfolio in the suburb to 731 homes.
The Residences at 1450, named for their address at 1450 Busse Road, represent the Florida-based company’s second Mount Prospect acquisition in a year. It bought the adjacent 509-unit The Element complex for $68 million in July 2017 in its first-ever Illinois venture, a company spokesperson said.
Monument bought both properties from LLCs linked to the New York-based Greystone investment company.
The new owner is planning interior renovations for both clusters of homes.
Monument focuses primarily on multifamily residential investments in nine mostly-southern states, according to its website.
A slew of large suburban apartment properties are either in the planning stages or have changed hands recently, signaling healthy investor interest in the sector.
Interforum Holdings unveiled a $92 million plan earlier this summer to build a 364-unit luxury apartment complex in nearby Warrenville.
Elsewhere in the O’Hare submarket, Compasspoint Development and Bayview USA Holdings are building a $64 million 212-unit apartment complex in suburban Des Plaines.
Others have refinanced their developments in order to take advantage of rising property values without giving up an investment property, including Forest City Realty Trust, which took out a $93 million refinancing on the 1,114-unit Pavilion apartment complex near O’Hare International Airport.
Origin Investments and Randolph Street Realty Capital landed a $36 million refinancing for a 262-unit Naperville apartment complex and Bayshore Properties secured a $26 million refinancing on the 354-unit Riverwoods Apartments complex in south suburban Lansing.
Suburban rents grew 6.9 percent last year and were expected to rise again “significantly” this year, according to a recent Marcus & Millichap report.