Eastham Capital Announces $21.75M Disposition of Multifamily Asset Pinnacle Pointe Apartments in Crestview Florida

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Pinnacle Pointe Apartments
Pinnacle Pointe Apartments, located at 1000 Patriot Lane, was built in 2010 and includes a mix of one-, two-, and three-bedroom units ranging from 829 to 1280 square feet. It also has a resort-style pool with sundeck, a state-of-the-art fitness center, a dog park, a playground, and walking and biking trails nearby.

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, announces the $21.75 million disposition of Pinnacle Pointe Apartments, a 150-unit apartment community, located in Crestview, Florida.

The property was acquired for the portfolio of Eastham Capital Fund V, LP in partnership with Stratford Management in April 2019. Pinnacle Pointe Apartments was the 12th collaboration between Eastham and Stratford. To date, the partners have co-invested in 19 properties together.

“Pinnacle Pointe was a terrific investment for Eastham Capital, proving our capability to create value in the Florida Panhandle,” said Matthew Rosenthal, founder and managing director of Eastham Capital. “The property’s strong performance, with 29.9% revenue growth during our ownership period, upholds our value-add investment strategy.”

“We value our relationship with Eastham Capital and look forward to continuing investing in value-add multifamily real estate together in the future,” said Andrew Gordon, founder and President of Stratford Management.

Eastham Capital acquired 75% ownership in the property in April of 2019, with Stratford and its affiliates owning the remaining 25%. As the property manager, Stratford implemented a thorough repositioning strategy that substantially improved the property’s appearance and profitability. During the approximately six-year hold period, Eastham and Stratford completed substantial exterior and interior unit renovations, decreased unit vacancies, and increased average monthly rental revenue. The property has maintained excellent occupancy levels, continuously achieving up to 97% occupancy during their time of ownership.

Founded in 2007 by Matthew Rosenthal and Eric Silverman, Eastham Capital is 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 $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.