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 $10 million disposition of Ridgeland Station, an 84-unit apartment community, located in Chicago Ridge, Illinois.
Ridgeland Station was acquired for the portfolio of Eastham Capital Fund V, LP in partnership with Bender Companies in February 2019. Ridgeland Station was the first collaboration between Eastham and Bender. To date, the partners have co-invested in nine projects with a tenth in the pipeline.
“Ridgeland Station has been a successful investment for Eastham Capital, demonstrating our ability to create value in the Chicago suburban market,” said Matthew Rosenthal, founder and managing director of Eastham Capital. “The property’s strong performance, with 41.4% revenue growth during our ownership period, validates our value-add investment strategy.”
“Our partnership with Eastham Capital at Ridgeland Station exemplifies the power of combining local market expertise with institutional investment capabilities,” said Kurt Bender, principal at Bender Companies. “The property’s consistent performance and high occupancy levels reflect both the strength of the Chicago Ridge submarket and the effectiveness of our hands-on management approach.”
Under Bender’s management and stewardship, the property maintained excellent occupancy levels, continuously achieving 95% occupancy at the time of disposition. The property’s operational performance showed consistent improvement, with average rents increasing 9.7% year over year.
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.
