Eastham Capital’s investments and renovations led to a 40% increase in revenue during its ownership of the property

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, along with their partner Chicago-based Bender Companies, a multifamily owner-operator announced the disposition of the Fairmount Meadows Apartments, located at 5010 N 91st Street, Milwaukee, WI.

Eastham Capital, through its Eastham Capital Fund V, LP, invested 90% equity into Fairmount Meadows, which they originally acquired with Bender Companies in early 2021.

Fairmount Meadows was almost 97% occupied at the time of disposition, with in-place rents having increased from $881 at the time of acquisition to just over $1,000.

"Fairmount Meadows was an excellent investment for Eastham Capital, and we are delighted with the profitable sale of this property, especially in the current difficult multifamily market” said Matt Rosenthal, president at Eastham Capital. “We appreciate the opportunity to have worked with our partner, Bender Companies, which recognized the value of this asset and worked tirelessly to make it successful. This transaction aligns with our ongoing commitment to creating value for our investors through strategic real estate investments."

"Our partnership with Eastham Capital on the Fairmount Meadows property has been an exceptional experience, and together, we’ve greatly enhanced the property’s value,” said Kurt Bender, principal at Bender Companies. “It's been a remarkable journey, and we look forward to exploring new opportunities that allow us to continue working together, create value for our investors, and contribute positively to the communities we serve."

Fairmount Meadows, a 128-unit multifamily residential complex built in 1970, consists of one- to three-bedroom apartments with an average unit size of 936 square feet.

As part of the property renovations, the owners invested in substantial exterior and interior unit renovations, including installing new balcony sliders and windows, repaving the parking lot, replacing outdated mechanical equipment, and executing several unit upgrades. 

JLL Capital Markets handled the sale of the multi-housing property in Kalamazoo, MI

CHICAGO, March 21, 2021 – JLL Capital Markets announced today that it has closed the $19.65 million sale of the Lakeview Apartments in Kalamazoo, Michigan. 

JLL worked on behalf of the seller, Property Resource Associates, to complete the sale to Bender Companies. 

The Lakeview Apartments consist of 280 one-, two- and three-bedroom units. All units include convenient washers and dryers, central air/heat and balconies or private patios. The community also features a playground, pet park and community barbecue area.

Located at 1928 Colgrove Ave. in the Eastwood suburb, Lakeview Apartments is adjacent to Ascension Borgess Hospital, a top area employer and affiliate of Ascension Health, the largest nonprofit healthcare system in the United States. Less than three miles from downtown Kalamazoo, residents can enjoy all of its various perks and attractions, such as the city’s touted hiking and biking trails; its diverse dining scene, famously known for its local, Michigan-based breweries; and vibrant entertainment scene, featuring cultural centers, galleries and theaters.

The JLL Capital Markets team representing the seller was led by Senior Director David Gaines and Managing Director Dave MacDonald (Detroit), supported by Director Kyle Butler, who worked closely with Ron Plichta and Tommy Bateman of Property Resource Associates.

“This transaction is a great example of private equity identifying significant expansion of distribution and manufacturing jobs across Southwest Michigan,” Gaines. “A skilled workforce of 64,000 currently employed across all sectors, which include biopharmaceuticals, automotive, medical device, plastics, metals, tool and die, furniture and food processing, make multi-housing investments in Southwest Michigan a very attractive investment option for private equity groups seeking yield.”

CHICAGO – JLL announced today that it has closed the $25.7 million sale and $20.56 million financing of Central Park and Governor’s House Apartments, two apartment communities totaling 316 units in South Suburban Chicago, Illinois.

JLL marketed the properties on behalf of the seller, a joint venture between Buligo Capital Partners and Ferndale Realty Group. Bender Companies purchased Central Park Apartments for $17.4 million and Governor’s House Apartments for $8.3 million. Additionally, JLL worked on behalf of the buyer to originate the 10-year, fixed-rate acquisition loans of $13.92 million and $6.643 million respectively, through Fannie Mae. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.

The portfolio comprises Central Park Apartments, which is located at 11 Fir Street in Park Forest and Governor’s House Apartments, which is located at 871 Burnham Drive in University Park. Both communities are approximately 30 miles south of Downtown Chicago and are convenient to top employers in the I-57-corridor, which houses a high concentration of logistics, technology and manufacturing companies. In addition, the portfolio has convenient access to Downtown Chicago via the local Metra stations as well as two major expressways, Interstate 57 and U.S. 30. The 95%-leased Central Park Apartments offers 220 units in one-, two- and three-bedroom layouts averaging 1,150 square feet each. Governor’s House Apartments, which is 97% leased, has 96 units available in one- or three-bedroom layouts averaging 888 square feet each.   

The JLL Capital Markets team representing the seller was led by Senior Directors David Gaines and Wick Kirby and Directors Mark Barnes and Kevin Girard. 

JLL’s Capital Markets team representing the buyer was led by Managing Director Jason Bond and Senior Director Trent Niederberger.