Purchase adds 222 units to portfolio of assets as firm expands across South Carolina
Monument Capital Management, an A-Rod CORP company and one of the country’s premier fully integrated real estate investment firms, has announced the acquisition of the Planation Flats apartment community in North Charleston, South Carolina, the firm’s first asset in Charleston. The 222-unit apartment community will be managed by the firm’s sister company, Monument Real Estate Services.
Located at 2181 Dunlap Street, North Charleston, South Carolina, the property is comprised of 222 garden-style units and townhome apartments spanning across 32 two-story buildings with one-, two-bedroom garden-style and townhouse floorplans with private patios and balconies.
“We are pleased with the addition of Plantation Flats, the firm’s first asset in Charleston, to our portfolio as it is an investment opportunity that aligns with our overall area growth strategy,” said Gregory Lozinak, CEO of Monument Capital Management. “We look forward to implementing our successful value-add program with this community and the residents we serve as we continue to expand our ownership footprint across South Carolina.”
The apartment community’s amenities include a modern renovated clubhouse, resort-style pool, fitness center, resident summer / kitchen game lounge, laundry center and tennis court. The site has coastal landscaping with an abundance of palm trees and grasses indigenous to the Charleston area.
Monument Capital Management plans to implement value-add upgrades to enhance the value of the property as well as attract prospective renters.
The property is located across from Trident Technical College and is within four miles of Charleston International Airport - home of the largest employers in Charleston, Boeing -and is situated within five miles of the large Navy and Air Force base, Joint Base Charleston.
For more information on Plantation Flats or Monument Capital Management, please visit our website at Monument Capital Management.
About Monument Capital Management
Monument Capital Management (MCM) executes transactions on behalf of the three investment funds it directs, as well as acquisitions on behalf of a select number of private investors. Under its first two funds, MCM has more than $325 million of assets under management in multifamily properties Southwest, Southeast, Midwest and Mid-Atlantic regions of the U.S. Currently, the firm is deploying capital from its third fund and will target markets with a strong demand for workforce housing. MCM’s investment objective is to strategically identify assets in markets with attractive demographics at a deal size where competition is limited and its exceptional management team can add immediate operational value via its proven investment management model.
About Monument Real Estate Services
Monument Real Estate Services (MRES) is an asset manager, property manager and value-add specialist that directs a full suite of services in the strongest multifamily markets nationwide. MRES manages a portfolio of more than 14,000 units in markets throughout the Southwest, Southeast, Midwest and Mid-Atlantic regions of the U.S. MRES provides guidance to institutional and individual investors in the acquisition, financing, and property management of income producing properties. With a foundation of institutional quality reporting, coupled with the hands-on style of an owner’s mindset, the company’s integrated approach is flexible and adaptable to both class A properties and properties requiring significant re-positioning. MRES is part of the Monument family of companies and is based in Miami.