Eastham Capital, a private equity real estate firm dedicated to providing superior, risk-adjusted returns to investors through the transformation of undervalued multifamily real estate, along with their partner Chicago-based Bender Companies, a multifamily owner-operator announced the disposition of the Fairmount Meadows Apartments, located at 5010 N 91st Street, Milwaukee, Wisconsin.
Eastham Capital, through its Eastham Capital Fund V, LP, invested 90% equity into Fairmount Meadows, which they originally acquired with Bender Companies in early 2021.
Fairmount Meadows was almost 97% occupied at the time of disposition, with in-place rents having increased from $881 at the time of acquisition to just over $1,000.
“Fairmount Meadows was an excellent investment for Eastham Capital, and we are delighted with the profitable sale of this property, especially in the current difficult multifamily market” said Matt Rosenthal, president at Eastham Capital. “We appreciate the opportunity to have worked with our partner, Bender Companies, which recognized the value of this asset and worked tirelessly to make it successful. This transaction aligns with our ongoing commitment to creating value for our investors through strategic real estate investments.”
“Our partnership with Eastham Capital on the Fairmount Meadows property has been an exceptional experience, and together, we’ve greatly enhanced the property’s value,” said Kurt Bender, principal at Bender Companies. “It’s been a remarkable journey, and we look forward to exploring new opportunities that allow us to continue working together, create value for our investors, and contribute positively to the communities we serve.”
As part of the property renovations, the owners invested in substantial exterior and interior unit renovations, including installing new balcony sliders and windows, repaving the parking lot, replacing outdated mechanical equipment, and executing several unit upgrades.
