MLB slugger turned real estate investor Alex Rodriguez offloaded his second suburban Chicago apartment complex in three months.
Rodriguez’s Miami-based commercial real estate firm, Monument Capital Management, which he founded along with business partner Ramon Corona, sold a 222-unit apartment complex at 1450 South Busse Road in Mount Prospect for $30 million, public records show. The sale, which closed last week came out to roughly $135,000 per unit.
Rolling Meadows-based investor Vladimir Novakovic was the buyer.
Built in 1965, the complex offers one- and two-bedroom apartments, according to Yardi Matrix.
The deal comes not long after Miami-based Monument sold a 509-unit apartment building at 1550 Dempster Street in Mount Prospect in December to a joint venture of Chicago-based Bender Cos. and Boca Raton, Florida-based Eastham Capital for $75 million. The price came out to about $147,000 per unit.
Both deals appear to be home runs for the baseball star who retired in 2016.
Monument bought the Busse Road property in 2018 for $24 million with an $18 million loan from the commercial lending arm of Greystar, Cook County records show. The firm bought the Dempster Street property for $68 million in 2017 with a $52 million loan, also from Greystar, public records show.
Novakovic and representatives of Monument did not immediately respond to requests for comment.
Monument is likely seizing on Chicago’s multifamily market’s strong momentum of recent years, both in the city and in the suburbs. A drought in new supply has fueled rent growth, with Chicago leading all major U.S. metros in rent increases last year, a report from CoStar found. Rent in Chicago rose 5.2 percent last year, year-over-year.
Less than 4,000 new units will be completed in the Chicago area this year, according to a 2026 forecast from Marcus and Millichap.
The suburbs have been performing particularly well due to investor’s perception of political stability outside of the city’s core.
Developers seem to be favoring the outer suburbs. Lake County-Kenosha is slated to receive the most new units this year, Marcus & Millichap found.