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, has partnered with Bender Companies, a Chicago based multifamily owner-operator in the acquisition of Brix on Morse, a 110-unit apartment community in Chicago, Illinois.
South Florida-based Eastham Capital has invested in the deal through its current fund, Eastham Capital Fund VI, LP. Bender Companies, who has co-invested and partnered with Eastham Capital on multiple projects, will oversee the day-to-day management. The property was sold by Kiser Group brokers Andy Friedman, Jake Parker, and Danny Logarakis.
“Bender has been an incredible affiliate to work with, and we are thrilled to be partnering again to further our reach into the thriving Midwest marketplace,” said Matthew Rosenthal, founder and managing partner of Eastham Capital. “Centrally located between multiple elite universities and 10 miles from downtown Chicago, this property’s prime location, modern amenities, and local neighborhood nightlife make it an investment to be excited about.”
“This asset offered us a great opportunity to assume the property’s existing debt at a favorable 2.67% interest rate with six years remaining on the term,” said Kurt Bender, Founder and Principal of Bender Companies. “We plan to make light unit upgrades and electrical improvements to enhance the property. This marks our first investment in the city of Chicago, and our eighth acquisition in partnership with Eastham Capital. We are excited to continue our expansion in the greater Chicagoland area.”
Constructed in 1969, Brix on Morse features 110 residential units, a mix of 48 studios, 42 one-bedroom, and 20 two-bedroom apartments, ranging from 663 to 993 sq ft. The development’s previous owners have kept up with necessary updates to the property including replacing all roofs, updating all elevators and electrical service, installing new boilers, and renovating the lobby and several apartment units. Brix also offers modern amenities, including a fitness center, bike storage, and a fire pit with BBQ stations.
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.
