Search

Read Full Article: Click Here

A Florida-based real estate investment firm cofounded by former MLB star Alex Rodriguez has sold a 509-unit apartment complex in the Chicago suburbs for more than $75 million, cashing in after renovating most of the units.

Bender Cos. and Eastham Capital this week announced the purchase of The Element, a workforce housing complex at 1550 Dempster St. in Mount Prospect, Illinois.

The sale price was $75.25 million, according to a spokesperson for the seller, Monument Capital Management. That is above the $68 million that the firm paid in 2017, according to CoStar data.

Miami-based Monument Capital Management, which owns thousands of units throughout the country, is part of A-Rod Corp., the business empire for which Rodriguez is chairman and CEO.