People
$1B+
Well over $1 Billion in Real Estate Entitlement, Development, and Direct Property Investment.
>19k
Over 19,000 Residential Units in High Barriers to Entry Western U.S. Markets.
300+
Over 300 Years of Combined Real Estate Experience.
10x
Decades Working Together, Hand in Hand.
1
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.
Monarch's Partners
Together, our 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 partners.
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 approximately 12,000 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.
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 approximately 16,000 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.
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 approximately 16,000 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 6,000 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 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 8,500 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 is actively involved in and supportive of many local and national Jewish organizations.
Sarah Kruer Jager joined Monarch in 2005 as a founding member of the Monarch Investment Funds real estate private equity funds family. Sarah works closely with the founding partners to set the firm’s strategic direction and oversees day-to-day business activities for all of Monarch’s wholly owned and joint venture investments. In this capacity, Sarah leads the acquisition, predevelopment, finance, asset management, and disposition functions and manages relationships with Monarch’s community and capital partners. During her tenure at Monarch, Sarah has acquired, developed, and sold over $1 billion in real estate investments, including over 7,800 residential units throughout the Western U.S. Prior to Monarch, Sarah worked at UBS Investment Bank in Chicago in the Mergers & Acquisitions and Diversified Industrials Groups.
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 and industry organizations: Sarah is an active member of the Urban Land Institute (ULI) and its Bronze Multifamily Council as well as the National Multifamily Housing Council (NMHC). Sarah is a member of Up for Growth and previously served on its California Steering Committee. Sarah is also a member of the Burnham-Moores Center for Real Estate policy advisory board at the University of San Diego, a community advisory board member of CalPrivate Bank (OTCMKTS: PBAM), and a founding advisory board member of Run Women Run. From 2016 through 2023, Sarah served as a member of the Commission on Judicial Performance, an independent state agency responsible for judicial discipline, following her appointment by California State Assembly Speaker Toni Atkins in 2016 and reappointment by the Rules Committee of the California State Senate in 2019.
Sarah graduated from the University of Michigan Stephen M. Ross School of Business with a Bachelor of Business Administration degree with High Distinction and received her MBA from The Wharton School of the University of Pennsylvania with a major in Finance. Sarah was awarded a four-year full tuition athletic scholarship as a member of the University of Michigan 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.
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. Masis was instrumental in raising Monarch’s initial real estate fund and continues to be involved in raising capital and sourcing investment opportunities in the multifamily sector. Prior to Monarch, Masis spent 8 years in the investment management industry, including as a Vice President in the Private Wealth Management division of Deutsche Bank and an inaugural member of its U.S. Wealth Management Leadership Council. Masis received his Bachelor of Science in Business Administration with an emphasis in Finance from the University of Arizona.
Executive Team
Dennis Chapman has over forty five 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 twenty 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.
Erik Schraner is general counsel for Monarch Group, advising the company on a wide range of legal and business issues, including land use, transactional activities, and corporate. Before joining Monarch Group, Erik was a partner at Seltzer Caplan McMahon Vitek representing private companies in land use and real estate development. He obtained entitlements for a range of real estate development, including apartments, mixed-use projects, assisted living, and commercial developments. Erik received his bachelor’s degree from the University of California, Santa Barbara and juris doctorate degree from the University of San Diego.
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.
Maria Azmi has over twenty years of experience in the financial, administrative, and construction accounting areas. Maria joined Monarch in 2000 and is responsible for all partnership and project-level accounting, construction accounting, and financial reporting functions. Prior to Monarch, Maria worked in the public sector for 9 years as Administrative Manager for the City of Tijuana Sports Department. Maria graduated from the Universidad Autónoma de Baja California with a Public Accountant degree.
Matthew Chasman joined Monarch Group in 2019 as an Associate. His primary responsibilities include financial modeling and underwriting, market analytics, and managing the consultants, general contractor, and property management company throughout the entitlement and development processes. Starting his career in real estate in 2017, Matthew has gained experience in brokerage, development, and asset management. Prior to joining Monarch, Matthew worked as an Analyst at JLL (formerly HFF) in their Newport Beach office, where he worked on multifamily debt and equity placement. Matthew attended The University of California Berkeley, where he received his Bachelor’s Degree in Interdisciplinary Studies with an emphasis on Business and Economics. He was a four-year student-athlete and received a scholarship to play for Berkeley’s top-ranked Division 1 men’s soccer program. While at Berkeley, Matthew earned multiple Academic All-American Honors and was presented the Coach’s Award in his senior season. Matthew is an active member of the Urban Land Institute’s Young Leaders Group and NAIOP SoCal. He is Procore certified in Financial Management and has obtained his California Real Estate Salesperson License.
