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, announced the $28.75 million disposition of Northcliffe Forest Apartments, a 288-apartment community, located in Winston-Salem, North Carolina.
The Property was acquired by a joint venture between Eller Capital Partners and Eastham Capital Fund V, LP in May 2019. The buyer was Conserve Holdings, a Brooklyn, New York-based real estate company that focuses on acquiring and managing multifamily properties nationwide.
Northcliffe was an excellent investment for Eastham Capital and we are thrilled with the return we provided to our investors,” said Matthew Rosenthal, founder and managing director of Eastham Capital. “We’ve appreciated the opportunity to have worked with Daniel Eller and the team at Eller Capital Partners whose recognition of the asset’s value and excellent management of the property played a crucial role in its success.”
Eastham Capital and Eller Capital Partners implemented a thorough repositioning strategy that significantly improved the profitability of the asset. The renovations, approximately $3 million, included painting all of the buildings, improving the landscaping, upgrading all of the kitchen appliances and countertops, and refreshing the dated amenities. Northcliffe Forest was approximately 92% occupied, with in-place rents having increased from $680 at the time of acquisition to $980 at the time of disposition.
Founded in 2007 by Matthew Rosenthal and Eric Silverman, Eastham Capital is a private equity real estate firm based in Boca Raton dedicated to providing superior, risk-adjusted returns to investors through investment in value-add or distressed multifamily real estate. Eastham Capital partners with local real estate owners and managers with operational expertise, and an exceptional track record in the management, repositioning and disposition of distressed real estate assets. To date, the firm has transacted on more than $5 billion in multifamily properties in collaboration with its local operating partners whose regions span the Continental US. Eastham Capital has earned above market returns in six funds since its inception in 2007.
