The apartment community in Hoffman Estates marks Eastham Capital’s ninth partnership with local operating partner Bender Companies
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 Haven Hoffman Estates, a 550-unit residential apartment community in the Chicago suburb of Hoffman Estates. The community will be renamed Hoffman Hills Apartments as part of the property upgrade program.
South Florida-based Eastham Capital has 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/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 eleven 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 Cir., 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 I-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.
For more information on Eastham Capital's unique investment approach and property portfolio, visit www.easthamcapital.com.
