Eastham Capital, Bender Companies Buy Park Towers Apartments in Richton Park, IL for $30.4M

Eastham Capital and Bender Companies have completed a $30.4 million acquisition of Park Towers Apartment Homes, a 270-unit multifamily community in Richton Park, Illinois, within Chicago's Cook County submarket. The transaction was executed through Eastham Capital Fund VII, LP and represents the fund's third acquisition in the greater Chicago area.

Deal Overview: Eastham Capital and Bender Companies Acquire Park Towers Apartments

South Florida-based Eastham Capital — a private equity real estate firm focused on providing risk-adjusted returns to investors through the transformation of undervalued multifamily real estate — announced the closing of the Park Towers Apartment Homes acquisition. The 270-unit community is located in Richton Park, Illinois, a suburb of Chicago in Cook County.

At a purchase price of $30.4 million, the transaction equates to approximately $112,593 per unit. No cap rate, seller identity, or financing terms were disclosed in connection with the deal.

Matthew Rosenthal, founder and managing partner of Eastham Capital, commented on the acquisition: "We are thrilled to announce the third acquisition for Eastham Capital Fund VII as we continue expanding our footprint in the highly desirable Chicago Market. 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."

Joint Venture Background and Track Record

The acquisition continues an established partnership between Eastham Capital and Bender Companies, which have now co-invested in 13 projects together. According to Eastham Capital, all 13 of those investments are currently delivering above-proforma returns. Bender Companies serves as the operating partner on the transaction.

The Park Towers deal is the third closing under Eastham Capital Fund VII, LP, following the fund's earlier Chicago-area acquisitions. Eastham Capital also announced the acquisition of The Flats at Gladstone, another multifamily community in the Chicago suburbs, for $24.1 million through the same joint venture.

Strategic Rationale: Transit Access and Employment Corridor

Eastham Capital cited two primary investment drivers for the Park Towers acquisition: direct rail connectivity to downtown Chicago via the Richton Park Metra Station, and proximity to a strong local employment corridor. These factors align with the firm's broader strategy of identifying undervalued multifamily real estate assets in markets with durable demand fundamentals.

About Eastham Capital

Eastham Capital is a private equity real estate firm headquartered in Boca Raton, Florida. The firm focuses on the acquisition and transformation of undervalued multifamily real estate assets, with the stated objective of delivering superior, risk-adjusted returns to investors. Eastham Capital deploys capital through a series of private funds and has built a recurring operating partnership with Bender Companies across its portfolio.

The Park Towers Apartment Homes acquisition adds to Eastham Capital's presence in the Chicago metropolitan area and reflects the firm's continued deployment of capital through Eastham Capital Fund VII, LP.