Double play: A-Rod’s real estate firm closes multifamily fund and opens $50M fund

Former slugger's Monument Capital Management will invest in workforce housing across the country

TRD MIAMI /
Apr.April 04, 2019 05:30 PM

From left: Stuart Zook and Alex Rodriguez (Credit: Getty Images and iStock)

Retired Yankees slugger Alex Rodriguez’s real estate company just closed its first multifamily fund and is trying to score again with the opening of its fourth fund.

Miami-based Monument Capital Management said it closed its first multifamily fund with $21 million in equity. It’s now launching a $50 million fund focused on workforce Class B and C housing. The new investment fund will look at buying up existing apartments around the country, including in Houston, Texas and in Boise, Idaho, according to Stuart Zook, principal of Monument Capital Management.

Zook said the company already has a 167-unit townhome complex under contract in a western suburb of Chicago. The new fund will total about 12 real estate assets. He said the company often buys older properties and then renovates them and adds amenities.

The company is focusing on acquiring multifamily properties near large universities where demand for rentals is strong, according to Zook.

Rodriguez, a former Major League Baseball player and Coral Gables resident, started investing in real estate in 2004. Monument Capital Management has spent $700 million acquiring multifamily assets in 13 states, including in Florida, the Gulf Coast and Texas. Zook said the firm plans to open another fund in 12 to 18 months.


Related Articles

arrow_forward_ios
6365 W 24th Ave, Hialeah (Credit: Google Maps)

Miami investor buys Hialeah apartments for $13M

Miami investor buys Hialeah apartments for $13M
Yadier Molina & 6431 River Pointe Way (Credit: Todd Kirkland/Getty Images, and Google Maps)

Baseball player Yadier Molina sells Jupiter mansion for $8M

Baseball player Yadier Molina sells Jupiter mansion for $8M
Kasperi Kapanen and 2603 Embassy Drive (Credit: Jeff Zelevansky/Getty Images)

Pittsburgh Penguins’ Kasperi Kapanen scores West Palm Beach home

Pittsburgh Penguins’ Kasperi Kapanen scores West Palm Beach home
Manny Machado & 9261 School House Road (Credit: Harry How/Getty Images)

Baseball player Manny Machado buys Coral Gables spec mansion for $7M

Baseball player Manny Machado buys Coral Gables spec mansion for $7M
12251 Tillinghast Circle and Elin Nordegren (Credit: Google Maps and Gustavo Caballero/Getty Images)

Tiger Woods’ ex-wife buys Palm Beach Gardens home

Tiger Woods’ ex-wife buys Palm Beach Gardens home
Hannah and Derek Jeter, Tom Brady and Gisele Bundchen (Credit: Leon Bennett/Getty Images, Jon Kopaloff/FilmMagic via Getty Images)

Derek Jeter’s Tampa mansion that Tom Brady is renting lists for $29M

Derek Jeter’s Tampa mansion that Tom Brady is renting lists for $29M
Alan Ojeda and 8894 NW 44 Street in Sunrise (Google Maps)

Rilea Group scores $46M construction loan for Sunrise apartments

Rilea Group scores $46M construction loan for Sunrise apartments
Elin Nordegren, Russell Weiner, and 12520 Seminole Beach Road (Credit: Ezra Shaw/Getty Images, Michael Bezjian/WireImage,a nd Google Maps)

Tiger Woods’ ex-wife sells North Palm Beach mansion for $29M

Tiger Woods’ ex-wife sells North Palm Beach mansion for $29M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...