Monument Capital Management has completed the disposition of Eclipse at 1450, a workforce housing community in Mt. Prospect, Illinois. The 222-unit rental property is located at 1450 Busse Road and was sold to investor Vladimir Novakic in a $30 million transaction.
Eclipse at 1450 is positioned as workforce housing, and Monument Capital Management carried out a comprehensive value-add strategy during its ownership. The firm reports that it renovated approximately 75% of the apartment home interiors and upgraded key amenities at the garden-style community before bringing the asset to market.
The buyer, Novakic, acquired the property following a period in which Monument Capital Management focused on enhancing the resident experience and the physical plant of the community. The company framed the sale as an opportunity driven in part by limited available inventory in the area and the appeal of the local submarket to investors.
The disposition of Eclipse at 1450 follows Monument Capital Management’s sale of a nearby sister property, The Element, in December. The Element is a 509-unit multifamily community located at 1550 Dempster St. in Mt. Pleasant. That prior transaction totaled $75 million, with The Bender Companies and Eastham Capital acquiring the asset.
Both Eclipse at 1450 and The Element are described as garden-style apartment communities located near a major employment hub. Monument Capital Management highlighted proximity to large employers including Automatic Data Processing, Alexian Brothers Medical Center, IBM, and other companies as a contributing factor to the investment appeal of these assets.
In commenting on the latest sale, Erin Knight, president of Monument Capital Management, noted that a combination of limited inventory and the attractiveness of the area created what the firm viewed as a viable opportunity for disposition to what she described as prudent buyers. The pair of transactions underscores continued investor interest in workforce-oriented multifamily communities in this employment-rich corridor.
Connect CRE also notes that the Connect Midwest Multifamily Trends Conference is scheduled for Tuesday afternoon, June 2, 2026. At that event, JDL Founder Jim Leitchinger is slated to receive the Changing Skyline Award, followed by a keynote interview offering his perspectives on multifamily development in the region.
