Cornerstone began acquiring multi-family assets in partnership with Monarch Investment Management Group in 2015. The first asset was a 380 unit apartment community outside Grand Rapids that closed in July 2015. Since then, Monarch and Cornerstone have partnered on 4 more deals totaling 1150 units across the Midwest (Indiana, Wisconsin, Minnesota, Michigan, and Ohio).

Monarch Investment Management Group was founded by Bob Nicolls in 1982, Monarch is an investment and property management company specializing in multi-family assets. At the end of 2016, Monarch owned workforce housing apartment buildings totaling over 35,000 units in 20 states across the central US. It has averaged 16 acquisitions per year over the last 5 years and a total of 94 since the downturn. Total acquisition cost of Monarch’s portfolio is approximate $2.1 billion.