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 The Flats at Gladstone, a 168-unit garden-style community in Glendale Heights, Illinois, within Chicago’s desirable DuPage County submarket.
South Florida-based Eastham Capital acquired the community for $24.1 million through its fund, Eastham Capital Fund VII, LP, with its trusted operating partner, Bender Companies. To date, Eastham and Bender have co-invested in twelve projects, all of which are currently delivering above-proforma returns.
Currently at 96% occupancy, with average rents of $1690 per month, The Flats at Gladstone represent a compelling value-add opportunity in one of the fastest-growing suburban Chicago markets. The renovation plan includes roughly over $2.5 million for exterior building improvements and interior unit upgrades, complemented by the construction of a new clubhouse featuring a fitness center, leasing office, and maintenance shop.
Built in 1977 and located at 148 Gladstone Dr., The Flats at Gladstone is a 31-building community comprised of six-unit buildings, each featuring private balconies or patios, dual-entry access, and well-lit interiors. The property offers spacious, high-demand two-bedroom layouts ranging from 846 to 987 square feet.
Residences feature large, functional floor plans with modernized interiors, such as updated cabinetry, hardwood flooring, and black appliances. The second and third floor units also include individual washer and dryer machines.
With a prime location at Army Trail Road and Bloomingdale Road, residents enjoy instant access to major retail corridors and premier connectivity to I-290, I-355, and I-88, linking them to employment hubs across the Chicago region.
