Eastham Capital and Bender Companies Complete $75.25 Million Acquisition of 509-Unit The Element in Mount Prospect

Eastham Capital and Bender Companies have completed the $75.25 million acquisition of The Element, a 509-unit garden-style multifamily community at 1550 Dempster St. in Mount Prospect, Illinois, a northwest suburb of Chicago. The transaction represents the first acquisition for Eastham Capital Fund VII, LP, the South Florida-based private equity firm's newest investment vehicle.

Deal Structure and Financing

The joint venture acquired The Element for $75.25 million, or approximately $148,000 per unit. Northmarq's Chicago Debt + Equity office arranged $60.765 million in acquisition financing for the transaction, with the remainder funded through equity. Eastham Capital and Bender Companies have now co-invested in ten projects together, with the firm noting that all are currently delivering above-proforma returns.

"We are excited to announce the first acquisition for Eastham Capital Fund VII. The Element will be an excellent investment for our fund. We look forward to making subsequent acquisitions in 2026," said Matthew Rosenthal, founder and managing partner of Eastham Capital.

Property Overview: The Element in Mount Prospect

Built in 1968, The Element is a three-story, garden-style apartment community situated in the Des Plaines/Arlington Heights corridor of Cook County. The property offers one-, two-, and three-bedroom apartments ranging from approximately 650 to 1,500 square feet. Current asking rents span roughly $1,395 to $1,711 per month for one-bedroom units, $1,570 to $2,019 for two-bedrooms, and $2,500 to $2,562 for three-bedrooms, positioning the asset within the mid-market and workforce housing segment.

The property was previously owned by a firm associated with Alex Rodriguez before the Eastham Capital and Bender Companies joint venture completed the purchase.

Value-Add Business Plan

Eastham Capital and Bender Companies plan approximately $5 million in renovations at The Element, targeting unit interior upgrades, improvements to building systems, and enhancements to exterior and common areas. The capital program is consistent with the firms' broader value-add investment strategy, which focuses on modernizing older workforce housing stock to capture rent and occupancy upside in supply-constrained suburban markets.

Online listing data indicates roughly 33 to 52 units available at a time across the 509-unit property, suggesting occupancy in the range of 90 percent or higher.

Fund VII and Broader Chicagoland Strategy

The Element acquisition is the opening move in what Eastham Capital has described as an active 2026 buying program through Fund VII. Since the start of the year, the fund has expanded its Chicagoland footprint with additional acquisitions, including The Flats at Gladstone in Glendale Heights and Park Towers Apartments, a 240-unit community in Richton Park acquired for $30.4 million — described as the partnership's third Chicagoland acquisition with Bender in 2026. Fund VII has also acquired Fox Run in St. Charles, a 220-unit property with a significant renovation component, further underscoring the firms' scaled, renovation-driven approach to suburban Chicago multifamily.

Across Fund VII acquisitions, Eastham Capital and Bender Companies are applying a consistent approach: acquiring vintage garden-style communities in Chicago's suburban ring, investing capital to upgrade aging infrastructure and unit finishes, and targeting the demand base of workforce renters in the region.

Sources

Eastham Capital – Official Announcement