Eastham Capital acquired The Element, a 509-unit garden-style community in Mount Prospect, Illinois, a suburb of Chicago.
South Florida-based Eastham Capital acquired the community for $75.25 million through its newest fund, Eastham Capital Fund VII, LP, with its trusted operating partner, Bender Companies. To date, Eastham and Bender have co-invested in ten projects, all of which are currently delivering above-proforma returns. “We are excited to announce the first acquisition for Eastham Capital Fund VII. The Element will be an excellent investment for our fund. We look forward to making subsequent acquisitions in 2026,” said Matthew Rosenthal, founder and managing partner of Eastham Capital.
Currently at 95% occupancy, with average rents of $1,590 per month, The Element represents a compelling value-add opportunity in one of the fastest-growing suburban Chicago markets.
The renovation plan includes roughly $5 million to upgrade unit interiors, building systems and exterior areas. These improvements will build on significant upgrades completed by prior ownership.
Built in 1968 and situated on more than ten acres, The Element offers a mix of one-, two- and three-bedroom spacious floor plans with townhome-style layouts, ranging from 850 to 1,800 square feet. Units feature upgraded kitchens, vinyl plank flooring, walk-in closets and private patios or balconies. Amenities include a fitness center, swimming pool, yoga studio, business center, game room and laundry facilities.
Located just over seven miles northwest of O’Hare International Airport and less than 22 miles from downtown Chicago, the property is minutes from I-90, I-290, and the Mount Prospect Metra Station. The Element offers convenient access to top employers throughout the O’Hare/Rosemont and Schaumburg submarkets – two of the largest employment hubs in suburban Chicago. The property sits within Township High School District 214, one of the top-rated districts in Illinois. Mount Prospect continues to experience steady renter demand driven by top-rated schools, established neighborhoods and a diverse employer base.
