Eastham Capital Fund Acquires Multifamily Community in Chicago Suburb for $75.8M
Eastham Capital – a sponsor of multifamily private real estate offerings – has announced the acquisition of Haven Hoffman Estates, a 550-unit residential apartment community in the Chicago suburb of Hoffman Estates. The community, purchased for $75.8 million, will be renamed Hoffman Hills Apartments as part of the property upgrade program.
South Florida-based Eastham Capital obtained a majority ownership interest in the deal through its current fund, Eastham Capital Fund VI, LP. Bender Companies, who has co-invested and partnered with Eastham Capital on multiple projects, will oversee the day-to-day management.
The apartment community is currently 96% occupied with average rents of just over $1,349 per month. The acquisition includes a renovation budget of $6.5 million, which will include interior unit, exterior, and amenity upgrades, along with the aforementioned rebranding of the property.
“We are excited to expand our Chicago portfolio with Hoffman Hills Apartments. This deal is our ninth and largest acquisition with Bender Companies. Bender consistently outperforms its projections, and we are thrilled to partner with them once again,” said Matthew Rosenthal, founder and managing partner of Eastham Capital.
Built in 1970, the multifamily community features 33 renovated and classic studios, 319 one-bed and 198 two-bed apartments with floor plans averaging 746 square feet spread across 11 three-story buildings. On-site amenities include an outdoor swimming pool with a sundeck, a clubhouse, a fitness center, private work-from-home suites, and an outdoor dining area with a grilling station.
Located at 725 W Bode Circle, the property borders Schaumburg and is roughly 30 miles northwest of downtown Chicago and less than 15 miles northwest of Chicago O’Hare International Airport. It is in the heart of Chicagoland’s Golden Corridor, a 25-mile strip along Interstate 90 that boasts more than a quarter million jobs. The property features garden-style apartments in a suburban location with top-rated school districts and convenient access to major suburban and downtown employers.
In September 2024, Eastham Capital partnered with Bender Companies on a smaller asset with the $16.8 million acquisition of Brix on Morse, a 110-unit apartment community in Chicago. This investment was also made through the Eastham Capital Fund VI, LP. The following month, Eastham partnered with a Houston owner/operator on the acquisition of adjacent residential communities in Pearland, Texas.
Founded in 2007, Eastham Capital is a private equity real estate firm that partners with local real estate owners and managers with operational expertise 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 United States.
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