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 $23.2 million disposition of Central Park Apartments, a 220-unit apartment community, located in Park Forest, a south suburb of Chicago, Illinois.
The property was acquired for the portfolio of Eastham Capital Fund V, LP, in partnership with Bender Companies in September 2019. Central Park Apartments was the second collaboration between Eastham and Bender. To date, the partners have co-invested in 10 properties together.
“Central Park has been a very successful investment for Eastham Capital, demonstrating the ability to create value in the Chicago suburban market,” said Matthew Rosenthal, founder and managing director of Eastham Capital. “The property’s strong performance spearheaded by a great operating partner in Bender, upholds our value-add investment strategy, especially in the Chicago suburbs.”
The property was built in 1946 and has consistently maintained excellent occupancy levels, averaging over 97% during our time of ownership. Central Park Apartments, located at 11 Fir St, Park Forest, includes a mix of one-bedroom apartments as well as two- and three-bedroom townhomes, ranging from 724 to 1326 square feet, with hardwood floors, ample storage, and walk-in closets. The multifamily community is located 25 miles south of the Chicago Loop, near dining and shopping in downtown Park Forest.
