Monument Capital Management 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.
“The lack of inventory and appeal of the area presented a viable opportunity for this disposition to extremely prudent buyers,” said Erin Knight, President of Monument Capital Management. Both communities are garden-style apartments near a major employment hub, with major companies such as Automatic Data Processing, Alexian Brothers Medical Center, IBM, and others nearby.
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