Florida-based real estate investment firm Monument Capital Management acquired a Glendale apartment community, Casa Bellisima, the firm’s first Phoenix buy.
Casa Bellisima is part of Monument Capital Management’s seventh acquisition for the firm’s Monument Opportunity Fund III, which launched last year. Capital Management’s sister company, Monument Real Estate Services, will manage the property.
The property consists of 18 two-story buildings, located at 6565 W. Bethany Home Rd., in Glendale, and includes 276 units. The apartment community features one- and two-bedroom garden style homes.
Amenities at the clubhouse include three swimming pools, on-site laundry, ample parking with garages, a grilling area and a playground.
Monument Capital saw the property as a strategic investment opportunity as the firm’s first Phoenix asset. With the purchase, the firm hopes to set a footprint in the Arizona region. Capital Management has plans for upgrades at the property.
“The quasi off-market sale of Casa Bellisima provides a firm foothold as we expand our ownership presence in Arizona,” said Stuart Zook, president of Monument Capital Management. “The property’s below market rents at an attractive price per unit allowed us to execute our area growth strategy.”
The fund that purchased the property is the third fund created by Monument Capital, and was created in October 2015. The fund has deployed over $60 million in six assets targeting market with strong workforce populations.