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Eastham Capital, Bender Companies Acquire Suburban Chicago MF for $75M
Eastham Capital has acquired The Element, a 509-unit garden-style community in Mount Prospect, Illinois.
Florida-based Eastham Capital acquired the community for $75.25 million through its newest fund, Eastham Capital Fund VII, LP, with its operating partner, Bender Companies. To date, Eastham and Bender have co-invested in ten projects.
Currently at 95% occupancy, The Element will undergo a renovation plan that includes roughly $5 million to upgrade unit interiors, building systems and exterior areas, building on significant upgrades completed by prior ownership.
Built in 1968 and situated on more than ten acres, The Element offers a mix of one-, two- and three-bedroom spacious floor plans with townhome-style layouts, ranging from 850 to 1,800 square feet.
Located just over seven miles northwest of O’Hare International Airport and less than 22 miles from downtown Chicago, the property is minutes from I-90, I-290, and the Mount Prospect Metra Station.
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