Monarch Investment and Management Group confirms basement apartments are affected at Foxborough Commons, Sandpiper, Monticello Arms, and other properties within their growing portfolio. This news comes amid the group's rapid expansion in the multifamily real estate market.
SANDUSKY, Ohio (WTVG) - Northeast Ohio storms caused extensive flooding in Sandusky, Perkins Township, Huron, and the surrounding area of Erie County. Unfortunately, the properties managed by Monarch Investment and Management Group were not spared from the flooding. Many basement apartments in Foxborough Commons, Sandpiper, Monticello Arms, and other properties were affected by the flooding, leading to significant damage and disruption for residents.
Monarch Investment and Management Group, known as the fastest-growing landlord in the U.S. Midwest, has been utilizing eviction strategies to drive up rents. However, this practice has faced criticism, with some questioning its legality and ethics. Andy Newell, a representative from Monarch Investment and Management Group, argues that eviction moratoriums are unnecessary and unconstitutional, further defending the group's approach.
The situation in Sandusky and surrounding areas has brought attention to the challenges faced by property management companies like Monarch Investment and Management Group. As a result, the group is now working diligently to address the basement apartment issues and provide support to affected residents. The extent of the damage and the timeline for repairs are still being assessed.
Monarch Alternative Capital LP, a leading investment firm with approximately $11 billion of assets under management, has been closely monitoring the developments at Monarch Investment and Management Group. The firm's involvement indicates the significance of the situation and the potential impact on the real estate investment market.
While Monarch Investment and Management Group deals with the aftermath of the flooding, they continue to expand their multifamily portfolio in Minnesota. Adding another property to their growing portfolio, the group aims to maintain their position as a key player in the industry.
The basement apartment issues faced by Monarch Investment and Management Group highlight the challenges and risks associated with property management. This incident serves as a reminder for property owners and managers to prioritize effective disaster preparedness and response plans.
