Business

Monument Capital Management acquires Mount Prospect apartments

Posted July 31, 2017 1:00 am

MOUNT PROSPECT - Monument Capital Management recently acquired Residences at 1550, a 509-unit apartment community located in Mount Prospect.

Terms of the acquisition were not announced.

Located at 1550 West Dempster St., the property is situated on 20 acres and includes one-, two- and three-bedroom garden and townhouse style floor plans. It is near a major employment hub, with major companies such as IBM, Automatic Data Processing, Alexian Brothers Medical Center, Motorola Solutions and others nearby. Amenities include a clubhouse, pool, fitness center, community room, business center and a playground.

Monument's plans for the property include selective upgrades to the units, and exterior landscaping enhancements.

The property will be managed by the firm's sister company, Monument Real Estate Services.

"We are very pleased to expand Monument's footprint with this acquisition, our first in Illinois," said Gregory Lozinak, CEO of Monument Capital Management. "It ideally fits our overall growth strategy and allows us to implement our proven value-add program to this community, which benefits the residents we serve."

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