Monument Real Estate Services, one of the country’s most skilled asset and property managers, announced today that it has been retained to manage its second student housing community – 48West, located at 10897 48th Avenue in Allendale, Michigan.
The assignment marks Monument’s entry into the Michigan market and raises the firm’s student living portfolio to 1,448 beds.
The three-story property features one-, two-, and four-bedroom units and consists of 920 beds with complimentary community Wi-Fi and washer/dryer. Additionally, 48West recently underwent a series of amenity upgrades including a new fitness center, yoga studio, study area, resort-style swimming pool with hot tub, cabana lounges and a built-in grilling station.
“We are pleased to enter the dynamic Michigan market with the addition of 48West and continue the expansion of our student living division,” said Jaime Rauscher, COO of Monument Real Estate Services. “We see continued opportunities in select markets around the country to utilize our management expertise in order to enhance the student living experience.”
Situated across the street from Grand Valley State University, 48West is conveniently located near Lake Michigan Drive and is a short drive from Downtown Grand Rapids.
Monument’s additional student housing community includes The Vault at Statesboro in Statesboro, Georgia. The firm’s overall portfolio of properties now spans across 11 states.
“This student living community provides an exciting opportunity to not only enhance the resident experience, but to also work throughout the community to provide them with the best amenities,” said Lisa Davis, regional manager of Monument Real Estate Services. “Our goal for 48West is to transform it into the premier student living community in the Allendale area.”
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.
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.