Monument Capital Management, an A-Rod Corp company and one of the country’s premier fully integrated real estate investment firms, announces it has acquired Talus, a 192-unit multifamily community in Plymouth, MN, just west of Minneapolis.
The purchase price was not disclosed. The property is the first acquisition for the newly launched Monument Opportunity Fund V.
Monument now owns and/or manages eight communities in Minneapolis and surrounding markets, totaling more than 1,000 units.
Ted Abramson, Senior Vice President of CBRE, represented the seller, Curtis Capital Group, in the transaction. Monument represented itself in the transaction.
Monument will carry out extensive improvements throughout the property’s unit interiors while also improving the asset’s curb appeal, community amenities and buildings.
Built in 1974 and located at 3925 Lancaster Lane N., Talus offers one- and two-bedroom floor plans ranging from 800 to 1,100 square feet. Apartments include hardwood-style flooring, stainless steel appliances, walk-in closets and a private balcony. This pet-friendly community features an off-leash dog area, walking paths, a fitness center, an outdoor swimming pool and indoor heated pool, a sundeck, laundry centers, underground heated parking and a newly renovated clubhouse.
Situated in eastern Plymouth and adjacent to Highway 169, the property is just a 10-minute drive to UnitedHealth Group Headquarters and General Mills Headquarters and less than a 30-minute drive to downtown Minneapolis and Minneapolis-Saint Paul International Airport.
Nearby, locals and tourists alike can find a wide range of restaurants, shopping centers, entertainment options and parks, including Theodore Wirth Regional Park and the Eloise Butler Wildflower Garden.
“We are pleased to have secured our initial acquisition and begin growing our Fund V portfolio,” said Erin Knight, President of Monument Capital Management. “The area has proven to be a growing market with various Fortune 500 companies and excellent amenities.”
“Talus ideally fits our value-add acquisition strategy,” said Stuart Zook, Chief Investment Officer for Monument Capital Management. “It is centrally located in a growing area with ample employment, transportation and excellent long-term potential.”