Eastham Capital, Bender Cos. Acquire $24M MF Property in Suburban Chicago
Eastham Capital has acquired The Flats at Gladstone, a 168-unit garden-style community in Glendale Heights, Illinois, within Chicago’s desirable DuPage County submarket.
South Florida-based Eastham Capital acquired the community for $24.1 million through its fund, Eastham Capital Fund VII, LP, with its operating partner, Bender Companies. Eastham and Bender have co-invested in 12 projects. “We are excited to announce the second acquisition for Eastham Capital Fund VII as we expand our footprint in Chicago to Glendale Heights,” said Matthew Rosenthal, founder and managing partner of Eastham Capital.
Currently at 96% occupancy, the renovation plan for the property includes roughly over $2.5 million for exterior building improvements and interior unit upgrades, as well as construction of a new clubhouse featuring a fitness center, leasing office, and maintenance shop.
Built in 1977 and located at 148 Gladstone Dr., The Flats at Gladstone is a 31-building community comprised of six-unit buildings. The property offers two-bedroom layouts ranging from 846 to 987 square feet.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout