Northcliffe Forest Apartments was acquired by a joint-venture between Eller Capital Partners and Eastham Capital Fund V, LP in 2019

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, announced the $28.75 million disposition of Northcliffe Forest Apartments, a 288-apartment community, located in Winston-Salem, North Carolina.  The Property was acquired by a joint venture between Eller Capital Partners and Eastham Capital Fund V, LP in May 2019. The buyer was Conserve Holdings, a Brooklyn, New York-based real estate company that focuses on acquiring and managing multifamily properties nationwide.

“Northcliffe was an excellent investment for Eastham Capital and we are thrilled with the return we provided to our investors,” said Matthew Rosenthal, founder and managing director of Eastham Capital. “We’ve appreciated the opportunity to have worked with Daniel Eller and the team at Eller Capital Partners whose recognition of the asset’s value and excellent management of the property played a crucial role in its success.” 

 Eastham Capital and Eller Capital Partners implemented a thorough repositioning strategy that significantly improved the profitability of the asset.  The renovations, approximately $3 million, included painting all of the buildings, improving the landscaping, upgrading all of the kitchen appliances and countertops, and refreshing the dated amenities. Northcliffe Forest was approximately 92% occupied, with in-place rents having increased from $680 at the time of acquisition to $980 at the time of disposition.

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. For more information, visit www.easthamcapital.com

Wakonda Village marks Eastham’s second acquisition with local operating partner Artisan Capital Group

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 partnered with Artisan Capital Group, a Des Moines based multifamily owner-operator in the acquisition of Wakonda Village, the largest multifamily property in the Des Moines area at 382-units.

South Florida-based Eastham Capital has invested in the deal through its current fund, Eastham Capital Fund VI, LP. Artisan Capital Group has co-invested with Eastham and will oversee the day-to-day management. 

“We are thrilled to partner on another deal with Artisan Capital Group to expand our presence in the growing community of Des Moines,” said Matthew Rosenthal, founder and managing director of Eastham Capital. “What’s unique about this submarket is that it is supply-constrained with very few apartment communities under construction or even planned. We couldn’t be happier with the acquisition of Wakonda Village and to be working with Artisan on another deal.”

Wakonda Village is 96% occupied, with in-place average rents of $813/month. The previous owners upgraded the interiors of 201 units and implemented many desirable amenities, including a recently renovated clubhouse, pool, fitness center, business center, coffee bar, dog park, and courtyard/picnic area. Artisan will focus on improving the unrenovated units and implementing a utility billback program, ensuring a modern and comfortable living environment.

Constructed in phases from 1951-1977, Wakonda Village is located at 1800 Watrous Ave and consists of one- and two-bedroom units ranging from 530 to 660 square feet. The property is ideally situated just one block from Fleur Drive, the primary thriving retail corridor that connects Des Moines International Airport to downtown Des Moines. The property is also located across the street from the acclaimed Wakonda Golf Club, which hosts the PGA Tour Champions Principal Charity Classic each June.

Sola Westchase multifamily community marks Eastham’s 31^st acquisition for its Fund VI

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 partnered with Mosaic Residential, a Houston-based multifamily owner-operator in the acquisition of Sola Westchase, a 318-unit residential community located in the Westchase submarket of Houston, Texas.  

South Florida-based Eastham Capital has invested in the deal through its current fund, Eastham Capital Fund VI, LP. Mosaic has co-invested with Eastham and will oversee the day-to-day management.  The acquisition price was not disclosed.
“We are excited to partner on our 53^rd deal with Mosaic, to once again expand our footprint in Texas to Westchase, a vibrant and growing community,” said Matthew Rosenthal, founder and managing director of Eastham Capital. “This is a terrific acquisition, located in an extremely desirable submarket offering an affordable living opportunity to reside in a business district near top employment centers.” 

Sola Westchase is 95% occupied, with in-place average rents of $1,400/month. Prior ownership upgraded the interiors of all 318 units with granite countertops, stainless steel appliances, full-sized washers, and dryers, and 9-foot ceilings.  In addition, the upgraded amenity package includes a swimming pool and heated spa, sun deck and lounge seating, outdoor BBQ pavilion, fitness center, clubhouse lounge and kitchen and a business center. Mosaic will be making minimal renovations inside the units and common areas for a more modern look.
Located at 3354 Rogerdale Rd., Sola Westchase was built in 1999 and consists of one- two-, and three-bedroom units ranging from 626 square feet to 1,436 square feet.  The community is near several of Houston’s premier business districts including Westchase, Memorial City and the Energy Corridor. Prominent employers include Microsoft, Amazon, Honeywell, Shell, Citgo, Phillips 66, Quest Diagnostics and Sysco.  The asset also benefits from proximity to shopping, dining, and entertainment, and is situated less than a half mile from both the Sam Houston Tollway and Westpark Tollway.

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.