Alex Rodriguez’s Monument Capital Management just cashed out of another Mount Prospect apartment complex, selling the 222-unit Eclipse at 1450 for $30 million. The buyer is Rolling Meadows investor Vladimir Novakovic, marking Monument’s second sizable suburban exit in the area in just a few months. In December, the firm also sold The Element, a 509-unit Mount Prospect property, for roughly $75 million.
Monument Capital Management said it unloaded Eclipse at 1450, at 1450 Busse Road in Mt. Prospect, after a hold period in which the firm worked a value-add strategy aimed at lifting occupancy and rents. During its ownership, the company says it renovated about 75 percent of the unit interiors and refreshed key amenities to modernize the garden-style community. These details are reported by Connect CRE.
Buyer and pricing context
Public records and media coverage identify the buyer as Vladimir Novakovic, a local investor who paid about $30 million for the Busse Road complex. Monument picked up the property in 2018 for roughly $24 million, which means the latest sale pencils out to about $135,000 per unit. The closing price and the earlier acquisition are reported by The Real Deal.
How Monument upgraded the property
During its hold, Monument says it carried out a broad renovation campaign, leaning into interior upgrades and amenity improvements to keep the property competitive with newer suburban stock and appealing to workforce renters. "The lack of inventory and appeal of the area presented a viable opportunity for this disposition to extremely prudent buyers," Erin Knight, president of Monument Capital Management, said, as reported by Connect CRE.
Why buyers are circling suburban workforce housing
The deal lands in a tight moment for suburban Chicago rentals, with new apartment construction failing to keep pace with demand. Marcus & Millichap’s 2026 outlook calls for fewer than 4,000 apartment completions across the Chicago area this year, a limited pipeline that has helped support pricing and contributed to outsized rent growth in the market, according to Marcus & Millichap.
Monument’s back-to-back exits in Mount Prospect highlight its playbook: buy older garden-style properties, invest in interior and common-area upgrades, then sell into a constrained suburban market. The firm lays out that value-add, workforce-housing strategy on its website, per Monument Capital Management. For residents, the handoff to new ownership could translate into a fresh round of capital projects over time rather than immediate day-to-day upheaval, depending on how the buyer chooses to run the property.
