[[{“value”:”
Eastham Capital has acquired Park Towers Apartment Homes, a 270-unit multifamily community in Richton Park, Illinois, in the Chicago-area Cook County submarket. The South Florida-based investment firm purchased the mid-rise property for $30.4 million in partnership with Bender Companies.
The acquisition was completed through Eastham Capital Fund VII, LP, the firm’s current investment vehicle. Park Towers Apartment Homes is located at 3905 Tower Dr. in Richton Park and was originally built in 1974. The community consists of one- and two-bedroom floor plans ranging from approximately 770 to 910 square feet.
According to Eastham Capital founder and managing partner Matthew Rosenthal, the property benefits from direct rail access to Downtown Chicago via the nearby Richton Park Metra Station and proximity to a strong employment corridor. These transportation and employment linkages are cited as key elements of the investment rationale for the fund.
Park Towers Apartment Homes is currently reported to be 94% occupied. Following the acquisition, the ownership group plans to implement a renovation program totaling $2.2 million. The capital plan is targeted toward property infrastructure and exterior upgrades, indicating a focus on physical improvements rather than repositioning the asset to a different use or configuration.
The transaction represents the second recent acquisition for the Eastham Capital and Bender Companies partnership in the Chicago suburbs. The partners also acquired The Flats at Gladstone, a 168-unit garden-style apartment community located in Glendale Heights. While terms of that transaction were not detailed here, its mention underscores the partnership’s continued activity in the suburban Chicago multifamily market.
With the Park Towers purchase, Eastham Capital Fund VII, LP expands its presence in the greater Chicago multifamily sector through a stabilized yet upgradeable asset that already maintains high occupancy. The combination of rail connectivity, established residential product, and a defined capital improvement plan positions the community for a program of measured enhancements under the new ownership structure.
The post Eastham Capital, Bender Cos. Acquire Park Towers Apartment Homes Near Chicago for $30.4M appeared first on CRE Market Beat.
“}]]
