Two apartment complexes off Interstate 12 at Airline Highway and South Sherwood Forest were sold to a Colorado-based investment group for $30.9 million.
Monarch Investment and Management Group bought Dove Creek apartments along Airline Highway and Longridge Apartments nearby on South Sherwood Forest Boulevard for $14.9 million and $16.0 million, respectively. Both complexes were sold by Little Rock, Arkansas-based Bailey Properties LLC owned by Paul and Robert Bailey.
Dove Creek is a 166-unit complex that rents one-bedroom apartments for $720 and two-bedroom apartments for $1,035, according to its website.
Longridge Apartments is a 144-unit complex that rents one-bedroom apartments for $865 and three-bedroom apartments for $1,195, its website shows.
In February, Monarch bought a 264-unit apartment complex, 21 South at Parkview, which sits along South Sherwood Forest Boulevard, for $20 million.
Monarch, based in Franktown, Colorado, owns and manages more than 54,000 apartment units across the United States. Monarch also owns two apartment complexes in Alexandria.