Eastham Capital facilitated the $10 million disposition of Ridgeland Station, an 84-unit apartment community in Chicago Ridge, Illinois.
The property was acquired for the portfolio of Eastham Capital Fund V, LP in partnership with Bender Companies in February 2019. Ridgeland Station was the first collaboration between Eastham and Bender. To date, the partners have co-invested in nine projects with a tenth in the pipeline.
Under Bender’s management and stewardship, the property maintained excellent occupancy levels, continuously achieving 95% occupancy at the time of disposition. The property’s operational performance showed consistent improvement, with average rents increasing 9.7% year over year. The community consists of a mix of one-bedroom, one-bathroom units at 650 square feet and two-bedroom, one-bathroom units at 890 square feet.
