Monument Capital Management closed the disposition of Eclipse at 1450, a 222-unit workforce housing rental community 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.
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.
