Monument Capital Management, a Miami-based private equity firm co-founded by former baseball player Alex Rodriguez, announced last week that it sold a South Carolina apartment community and closed out one of its funds.
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The Reserve at Cavalier, a 150-unit community in Greenville, South Carolina, sold for $14.3M, according to an announcement from Monument. Property records show Monument Cavalier LLC bought the property for $6.9M in 2015.
From 31 reviews on Google, the property has an average of 2.1 stars, with complaints of trash, bugs and poor management.
The sale marked the closing of Monument Opportunity Fund II. In total, the fund had acquired more than 3,100 units among 15 properties totaling $151M.
“The closing of our second fund marks an important milestone in Monument’s growth as a multifamily investor in some of the nation’s most competitive markets," Monument Capital Management principal and Chief Investment Officer Stuart Zook said in a statement.
The firm’s promotional materials say that Monument invests in markets with high job and population growth, with an emphasis on workforce housing. So far, it has acquired more than $800M in assets in 14 states through opportunity funds and joint ventures.
Monument Capital Management is just one of many companies that fall under Rodriguez’s A-Rod Corp.
“Following his success in real estate, where A-Rod Corp’s annual returns on investment have exceeded 20%, Alex has invested in a variety of sectors where he has expertise, including sports, wellness, media and entertainment, and technology,” the A-Rod Corp website says.
In a Wall Street Journal profile published Nov. 18, Rodriguez’s fiancee, Jennifer Lopez, discussed the couple's financial empire, saying, “Why can’t we build not one multibillion-dollar business, but three or four?”
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