Eastham Capital announced the acquisition of Park Towers Apartment Homes, a 270-unit community in Richton Park, Illinois, within Chicago’s Cook County submarket.
South Florida-based Eastham Capital acquired the community for $30.4 million through its fund, Eastham Capital Fund VII, LP, with its operating partner, Bender Companies. It’s the second recent acquisition for the partnership which also bought The Flats at Gladstone, a 168-unit garden-style community in Glendale Heights.
“Benefiting from direct rail access to Downtown Chicago via the Richton Park Metra Station and a strong employment corridor, Park Towers offers a favorable investment opportunity for our fund,” said Matthew Rosenthal, founder and managing partner of Eastham Capital. Currently at 94% occupancy, the property will undergo a renovation plan that includes $2.2 million focused on property infrastructure and exterior upgrades.
Built in 1974 and located at 3905 Tower Dr., Park Towers Apartment Homes is a mid-rise apartment community. The property offers one and two-bedrooms floor plans ranging from 770 to 910 square feet.
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