People

  • Over $1 billion in real estate entitlement, development, and direct property investment.
  • Over 18,500 residential units in Western U.S. markets with high barriers to entry.
  • Over 250 years of combined real estate experience.
  • Decades working together, hand in hand.
  • 1 unmatched team of dedicated real estate entrepreneurs.

From project management, to entitlement work, to collaborating with community groups, Monarch has had one overwhelming constant – our people. As a company who has lived all sorts of real estate projects, we have excelled thanks to our people who know this business inside and out. What makes us different: Not only do we recognize an opportunity, but because we live it everyday, we understand how to optimize it.

Founding Partners

Together, our four founding partners have achieved a deservedly stellar reputation. Their institutional-quality developments have spanned a variety of asset classes. Their profitable long-term track record has been built through their extensive industry and community relationships as well as their demonstrated investment and operating capabilities. And their unwavering hands-on approach is what truly makes others want to work with them. Go ahead. Get to know our founding partners.

Rodney F. StoneSenior Partner

Rod Stone co-founded Monarch in 1997, and his responsibilities include overseeing acquisition, development, asset management, and disposition functions. Prior to Monarch, Rod formed his first real estate company, So Cal Development, in 1970. At So Cal, Rod oversaw the development and management of a privately-held real estate portfolio of over 3,000 residential units, including multifamily, single-family, and commercial properties. Over the years, Rod has acquired or developed over 11,000 residential units throughout the Western U.S. Rod has also completed multiple commercial and industrial land entitlement projects. Rod holds a Bachelor of Science in Business Administration from the University of California, Los Angeles and an MBA from the University of Southern California. Rod and his wife, Gloria, are actively involved in and supportive of many cultural and charitable organizations throughout San Diego County.

William “Patrick” KruerSenior Partner

Patrick Kruer co-founded Monarch in 1997, and his responsibilities include overseeing acquisition, development, asset management, and disposition functions. Prior to Monarch, Pat formed the Patrick Group of Companies. Over the years, Pat has acquired, entitled, and developed a privately-held real estate portfolio of over 15,500 residential units throughout the Western U.S. comprised of high quality and innovative apartments, condominiums, senior housing, and single-family homes. Pat has also completed multiple commercial and industrial land entitlement projects. Pat has a long and distinguished service in the real estate industry and is recognized as a leader in communications between the real estate industry and government.

Between 1999 and 2010, Pat served as a Commissioner of the California Coastal Commission, which regulates 1,100 miles (approximately 3,500,000 acres) of California coastline. He was first appointed by California State Assembly Speaker Antonio Villaraigosa in 1999 and was re-appointed three times by successor Speakers. Pat served as Chairman of the Commission from 2006 to 2008—elected by his fellow Commissioners as the first developer to serve as Chairman of the Commission. Between 1978 and 1985, Pat served on the California Housing Finance Agency and served as Vice Chairman and Chairman of its lending committee. From 1981 to 1988, Pat was a director of the Federal Home Loan Bank of San Francisco. He was first appointed under President Jimmy Carter in 1981 and then re-appointed under President Ronald Reagan. Between 1984 and 1986, Pat also served on the Federal Savings and Loan Advisory Council.

Locally, Pat served on the first Housing Commission for the City of San Diego between 1979 and 1982. The County of San Diego selected him to serve as the first chairman of the Housing Bond Finance Review Committee between 1984 and 1986. He was also the first chairman of the Regional Growth and Planning Review Task Force for San Diego County and served a six-year term at Centre City Development Corporation.

George “Tim” KruerSenior Partner, Director of Construction

Tim Kruer co-founded Monarch in 1997, and his responsibilities include overseeing acquisition, development, asset management, and disposition functions. With over forty years of real estate experience, Tim has acquired, entitled, and developed over 15,500 residential units throughout the Western U.S. Tim has been involved in all phases of the development and construction processes on numerous projects, including project design, site planning, value engineering, budgeting, scheduling, and construction management. He has served as the managing partner for the development and construction of five master-planned communities, 675 single-family homes, and over 5,500 multifamily units. Tim has also overseen multiple land development and senior housing projects over the decades. Tim holds a Bachelor of Architecture and MBA from the University of Michigan.

Ryan E. StoneSenior Partner

Ryan Stone co-founded Monarch in 1997, and his responsibilities include overseeing acquisition, development, asset management, and disposition functions. At Monarch, Ryan has been actively involved in the entitlement, development, value-add acquisition, and property management functions for over 8,000 residential units as well as multiple commercial and industrial land entitlement projects. Prior to Monarch, Ryan worked for Focus Group, a large multifamily developer in Atlanta, Georgia. Ryan graduated from Emory University with a Bachelor of Arts in Political Science. Ryan and his wife, Ashley, are actively involved in and supportive of many local and national Jewish organizations.

Executive Team
Sarah Kruer JagerPartner, Investment & Development

Sarah Kruer Jager joined Monarch in 2005 and is a founding member of the Monarch Investment Funds real estate private equity funds family. Sarah is responsible for sourcing, underwriting, and managing investments as well as developing and managing relationships with Monarch’s capital partners. During her tenure, Sarah has acquired, developed, and sold over $1 billion in real estate investments, including over 7,500 residential units throughout the Western U.S. Prior to joining Monarch, Sarah worked at UBS Investment Bank in Chicago in the Mergers & Acquisitions and Diversified Industrials Groups.

Sarah attended University of Michigan, where she was awarded a four-year full tuition athletic scholarship as a member of the Division I Varsity Women’s Golf Team. Sarah’s academic and athletic honors include being named by the National Golf Coaches Association to the Division I All-American Scholar Golf Team and receiving Academic All-Big Ten Conference Honors. Sarah graduated from the University of Michigan Stephen M. Ross School of Business with a Bachelor of Business Administration degree with High Distinction. Sarah received her MBA from The Wharton School of the University of Pennsylvania with a major in Finance.

Sarah is passionate about her community as well as leveling the playing field for young women in sports and business. Sarah is currently involved in the following civic, charitable, and industry organizations: In 2016, Sarah was appointed by California State Assembly Speaker Toni Atkins to serve on the Commission on Judicial Performance, an independent state agency responsible for judicial discipline. Sarah is a Member of the Urban Land Institute (ULI) and its Bronze Multifamily Council. Sarah is also a Founding Advisory Board Member of Run Women Run and a Member of the San Diego Community College District Citizens’ Oversight Committee following her appointment by the Board of Trustees for the District. Previously, Sarah served as a Member of the California Task Force on Youth and Workplace Wellness following her appointment by California State Assembly Speaker Karen Bass.

Masis A. KevorkianPartner

Masis Kevorkian joined Rod Stone and Ryan Stone (the “Stones”) and Monarch in 2006. Masis is involved in all of the real estate and gaming related businesses controlled by the Stones. Prior to joining the Stones and Monarch, Masis was a Senior Vice President with Neuberger Berman, where he focused his time building new client relationships and advising high-net-worth families. Prior to Neuberger Berman, Masis was a Vice President in the Private Wealth Management division of Deutsche Bank. Masis received his Bachelor of Science in Business Administration with an emphasis in Finance from the University of Arizona.

Jerald A. AlfordPrincipal, General Counsel

Jerry Alford has over forty years of experience in the real estate industry as a lawyer and developer. Jerry has been affiliated with Monarch Senior Partners Pat Kruer and Tim Kruer for over twenty years, principally as their in-house attorney for real estate and construction related matters. Jerry has also overseen due diligence for the acquisition, financing, and sale of numerous projects. In addition, he has performed project management for obtaining governmental entitlements and acted as owner’s representative for a number of multifamily, senior housing, and commercial projects. A member of the State Bar of California since 1970, Jerry received his Bachelor of Science degree in Marketing from San Diego State University and his Juris Doctor from the University of San Diego.

Brandon P. BergenerDirector of Financial Reporting & Portfolio Accounting

Brandon Bergener joined Monarch in 2006 and is primarily responsible for all partnership and lender financial reporting. Brandon also supervises the construction accounting team. Prior to Monarch, Brandon was a Manager with Ernst & Young LLP, where he specialized in financial statement audits and accounting consultations for clients in the real estate industry. Brandon is a summa cum laude graduate of Cal Poly, San Luis Obispo, where he received a Bachelor of Science in Business Administration with an emphasis in Accounting. Brandon has been a certified public accountant for fourteen years.

Dennis E. ChapmanVice President of Construction

Dennis Chapman has over forty years of experience in the real estate industry as a Project Superintendent and Vice President of Construction. Dennis joined Monarch in 2007, and has been affiliated with Monarch Senior Partners, Rod, Pat, Tim, and Ryan for over 15 years, principally as their Project Manager for construction related matters. Dennis has also acted as a Project Manager and Vice President of Construction for a number of multi-family, hotel, retail, and office projects throughout the United States. In this capacity, he has managed numerous employees, designed and prepared construction related contracts and scopes of work, negotiated with subcontractors and vendors, coordinated change orders and acted as a liaison between municipalities and project consultants in order to deliver superior quality and value. As Monarch’s Vice President of Construction, Dennis is in charge of all pre-construction and construction activities including budgeting, scheduling, value management, contracting, and selection and management of project managers and superintendents. Dennis received his Bachelor of Science in Management from Michigan State University.