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1450 South Busse Road

Vladimir Novakic Acquires 222-Unit Multifamily Community From Alex Rodriguez & Joseph Ianoale For $30M
SOLDMultiFamily

Vladimir Novakic Acquires 222-Unit Multifamily Community From Alex Rodriguez & Joseph Ianoale For $30M

1450 South Busse Road

$30,000,000

Building Size

Asset Type

MultiFamily

Closing

Mar 16, 2026

AI

The asset involved in this transaction is a multifamily property known as Eclipse, located at 1450 South Busse Road in Mount Prospect, Illinois. The property consists of 222 units, and the sale price was $30 million, resulting in a price per unit of $135,135. During Monument Capital Management's hold period, approximately 75% of the units were renovated, and amenities were upgraded as part of a value-add strategy.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $30,000,000
  • Address: 1450 South Busse Road
  • Market: Mount Prospect
  • Units: 222
  • Price Per Unit: $135,135
  • Buyer: Vladimir Novakic
  • Seller: Alex Rodriguez & Joseph Ianoale - Monument Capital Management

Key individuals involved in the transaction include the buyer, Vladimir Novakic, and the sellers, Alex Rodriguez and Joseph Ianoale, who are associated with Monument Capital Management. The transaction signifies a strategic sale following the completion of significant renovations and upgrades to the property.

Players

Vladimir Novakic

Buyer

$30M

vol

1 deal

Buyer

Alex Rodriguez

Monument Capital Management

Seller

$261M

vol

11 deals

Seller

Mount Prospect MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.53%

Cash-on-Cash

-0.15%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93