A joint venture of Eastham Capital and Bender Cos. scooped up a 168-unit apartment community in Glendale Heights for $24.1M from a venture managed by Chase Chavin.
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The duo has worked together to co-invest in 12 projects, recently picking up The Flats at Gladstone at 148 Gladstone Drive, the buyers announced in a press release Friday. The property is currently 96% leased and features two-bedroom floor plans ranging from 846 SF to 987 SF.
“We are excited to announce the second acquisition for Eastham Capital Fund VII as we expand our footprint in Chicago to Glendale Heights,” Matthew Rosenthal, founder and managing partner of Eastham Capital, told ConnectCRE.
The JV plans to spend over $2.5M for exterior building improvements, interior unit upgrades and a new clubhouse with a fitness center, leasing office and maintenance shop. The same duo bought a 509-unit complex in Mount Prospect for $75M in December.
The Glendale Heights community was built in 1977 and comprises six-unit buildings.
The JV assumed the balance of the seller’s existing debt, a $16.2M Fannie Mae loan issued in 2020, Crain's Chicago Business reported. The outlet said the current loan balance was unclear.
Both suburban and city investors have been drawn to multifamily properties in the region for its strong rent growth, driven by a dry supply pipeline.
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