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 announced the acquisition of a majority ownership interest in Equinox, a 266-unit residential apartment community in St. Anthony, Minnesota, just north of Minneapolis.
South Florida-based Eastham Capital has invested in the deal through its current fund, Eastham Capital Fund VI, LP along with operating partner Artisan Capital Group. Eastham has partnered with Artisan on three previous successful projects which are currently delivering above-proforma returns. The acquisition price was not disclosed.
The acquisition plan includes more than $4 million in renovations, designed to elevate unit interiors with modern finishes including premium cabinets, countertops, stainless steel appliances, designer vanities, contemporary hardware, upgraded lighting fixtures, and refined flooring selections.
“The shifting market dynamics have created an exceptional opportunity to acquire this institutional-quality asset in St. Anthony, where population growth has surged by 23.6% since 2010 – more than double the rate of Minneapolis,” said Matthew Rosenthal, founder and managing director of Eastham Capital. “With no new apartment communities under construction within three miles and 17 Fortune 500 headquarters nearby, Equinox is perfectly positioned to capitalize on the area’s robust economic fundamentals.”
Built in 1974, Equinox features 151 one-bedroom and 115 two-bedroom apartments spread across nine three-story buildings. The property distinguishes itself with resort-style amenities including a dog park, walking trail, private balconies, playground, 266 rentable garage spaces, indoor and outdoor pools, grilling stations, laundry facilities, fitness center and a clubhouse complete with a fireplace lounge, catering kitchen and coffee bar.
Located at 2808 Silver Lane NE, the property sits less than 7 miles north of downtown Minneapolis and adjacent to a vibrant retail plaza. The site offers immediate access to Silverwood Park’s 1.6 miles of trails and 70-acre lake, while drawing from an affluent demographic base with average household incomes of $81,000 within a three-mile radius. The surrounding neighborhood has seen recent home sales approaching $900,000, underscoring the area’s desirability.
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.
