MIAMI, FL - Monument Capital Management, an A-Rod Corp company and one of the country’s premier, fully-integrated real estate investment firms, announced the disposition of Eclipse at 1450, a 222-unit workforce housing rental community located at 1450 Busse Road, Mt. Prospect, Illinois.
The property was acquired by Vladimir Novakic in a $30 million transaction. The sale follows the December disposition of its sister property, The Element, a 509-unit community at 1550 Dempster St. in Mt. Pleasant, which traded for $75 million to The Bender Companies and Eastham Capital.
During the hold period, Monument executed a comprehensive value-add program, renovating approximately 75% of the apartment home interiors and upgrading key amenities, effectively repositioning the property in a highly resilient Midwest submarket.
“We have been extremely pleased with the performance of both of these communities,” said Erin Knight, President of Monument Capital Management. “The lack of inventory and appeal of the area presented a viable opportunity for this disposition to extremely prudent buyers.”
Both communities are garden style apartments near a major employment hub, with major companies such as Automatic Data Processing (ADP), Alexian Brothers Medical Center, IBM and others nearby.
Monument Capital Management recently completed its final acquisition for Fund V, marking the full deployment of the fund’s capital, and is preparing to launch Fund VI.
“We continue to see compelling opportunities in the workforce housing sector,” adds Joseph Ianoale, Chief Investment Officer (CIO). “While the market has experienced headwinds in recent years, we remain focused on select markets where long-term fundamentals continue to support demand for quality housing serving middle income renters.”
About Monument Capital Management: Monument Capital Management (MCM), an A-Rod Corp company, is one of the country’s premier fully integrated real estate investment firms. Specifically targeting markets with a strong demand for workforce housing, MCM has acquired more than $1 billion of real estate assets across 16 states through a series of opportunistic private equity funds and joint ventures. The organization strategically identifies assets in markets with attractive demographics at a deal size where competition is limited, and its seasoned team can immediately leverage its operational expertise. The firm has excelled at its mission of investing in real estate assets where it can add value and deliver superior, risk adjusted returns, while protecting capital and mitigating downside risks.