Eastham Capital and Bender Companies Acquire The Flats at Gladstone Multifamily Community in Chicago Suburb for $24.1M

Eastham Capital and Bender Companies have completed a $24.1 million acquisition of The Flats at Gladstone, a 168-unit garden-style multifamily community located in Glendale Heights, Illinois, within Chicago's DuPage County submarket, the firms announced April 20, 2026.

The transaction was executed through Eastham Capital Fund VII, LP, a vehicle managed by the Boca Raton, Florida-based private equity real estate firm. The deal represents the fund's second acquisition and the 12th joint venture between Eastham Capital and Bender Companies.

Deal Details and Partnership Track Record

The Flats at Gladstone was acquired at a price of approximately $143,452 per unit. Eastham Capital, which focuses on providing risk-adjusted returns to investors through the transformation of undervalued multifamily real estate, partnered with Bender Companies as its operating partner on the transaction.

According to the firms, all 12 of their co-invested projects are currently delivering above-proforma returns. No loan terms or financing details were disclosed in connection with the transaction.

"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. "Known for its top-rated schools, strong community, and easy access to nearby employment hubs, The Flats at Gladstone will be an excellent investment for our fund."

Property and Submarket Overview

The Flats at Gladstone is a garden-style residential community situated in Glendale Heights, a suburb of Chicago located in DuPage County. Eastham Capital cited the area's highly rated school system, established community character, and proximity to regional employment centers as key factors in the acquisition decision.

Eastham Capital's Value-Add Strategy and Fund VII Activity

Eastham Capital describes its investment approach as targeting undervalued multifamily real estate assets and delivering returns to investors through the transformation of those properties. The Flats at Gladstone acquisition aligns with that value-add strategy, which the firm has applied across its joint venture portfolio with Bender Companies.

The Glendale Heights deal follows a separate $30.4 million acquisition of Park Towers Apartments, a 270-unit community in Richton Park, Illinois, also completed through Eastham Capital Fund VII in partnership with Bender Companies.

About the Firms

Eastham Capital is a South Florida-based private equity real estate firm focused on multifamily investments. The firm is headquartered at 6001 Broken Sound Parkway NW, Suite 510, Boca Raton, Florida. Bender Companies serves as the operating partner across the joint venture portfolio. No additional details regarding the seller of The Flats at Gladstone were disclosed.