A-Rod Corp, an investment firm led by legendary baseball star Alex Rodriguez, Modlin Group, a boutique real estate agency headed by Adam D. Modlin and Stonehenge NYC, founded by Ofer Yardeni, today announced the creation of a new and exclusive real estate Venture.
“I am delighted to be forming a real estate venture together with two of my very good friends for whom I have tremendous respect,” Adam D. Modlin, who was key to the Venture’s formation, said. “I think we complement each other very well as a team with Stonehenge NYC’s operational expertise, A-Rod Corp’s broad network and our group’s 20-plus year experience in the New York residential market.”
Consistent with Stonehenge NYC’s existing investment strategy and experience, the new Venture will partner with private and institutional investors to acquire residential apartment buildings in New York City, one of the world’s strongest and most resilient markets. The Venture is well positioned to take advantage of secular trends including urbanization and generational demographic shifts which are driving the steady demand for residential housing.
“Real estate has been the cornerstone of A-Rod Corp’s investment strategy over the past 20-plus years,” Alex Rodriguez said. “I founded Monument Capital Management, a real estate firm, that invests in multifamily assets, specifically workforce housing, across the US through our funds and strategic joint ventures. I have always had the ambition of owning rental apartments in New York, which has been outside of Monument’s strategy. Over the years opportunities arose to do so however, I was hesitant until I could team up with a local partner in New York with a proven track record for managing through the highly regulated environment, have an established platform utilizing a team of professionals that have the skills and disciplines necessary for managing the assets we acquire. After several one-on-one meetings with Ofer Yardeni, the founder, chairman and CEO of Stonehenge NYC, I concluded that Stonehenge NYC was the perfect partner for me.”
Stonehenge NYC’s role in the partnership is to originate, underwrite and qualify investment opportunities based on pre-established and pre-approved strategies; manage the business plans and budgets for each asset acquired by the Venture; and raise capital for investments through its existing network of institutional and high net worth investors as well as through its recently established crowdfunding platform, Stonehenge Invest.
“As the residential rental market in New York City continues to redefine itself, now more than ever, we need to embrace any change as an opportunity to broaden our strategies and create value for our investors,” said Ofer Yardeni, shairman and CEO of Stonehenge NYC. “Stonehenge NYC has typically partnered with large institutional investors and will continue to do so going forward. With our new and exclusive partnership with Modlin Group and A-Rod Corp, we can now welcome a new network of private investors that traditionally have had only limited access to investments in our sector because of deal size and specialization required in the New York market. I am honored and feel privileged that both Alex and Adam have chosen Stonehenge NYC as their partner of choice for investing in New York rental apartments. I am very excited about our future together and I firmly believe that the best is yet to come.”
A-Rod Corp will be actively involved in the decision-making process and will introduce investment opportunities to its network of institutional and high-net-worth investors. Modlin Group has extensive experience in the New York residential market and enjoys an enviable reputation particularly in the high-end sector of the market. Modlin Group will be involved in elaborating strategic plans to ensure that building design and layouts cater to the evolving needs of discerning tenants.
“Stonehenge NYC is a vertically integrated platform with over 200 employees focused exclusively on New York rental apartments since 1995 and the firm has a 25-year track record managing to institutional standards and delivering superior, risk-adjusted returns,” Rodriguez said. “I was also impressed by Stonehenge NYC’s significant investment in technology over the past nine years with state-of-the-art leasing and asset management platforms as well as a proprietary tenant application providing up-to-the-minute data and information to all stakeholders for more pro-active and efficient management of their portfolio.”
