Eastham Capital acquired Park Towers Apartment Homes, a 270-unit community in Richton Park, Illinois, within Chicago’s Cook County submarket.
South Florida-based Eastham Capital acquired the community for $30.4 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 thirteen projects, all of which are currently delivering above-proforma returns.
Currently at 94% occupancy, with average rents of $1531 per month, Park Towers represents a compelling value-add opportunity in one of the fastest-growing suburban Chicago markets. The renovation plan includes roughly over $2.2 million focused on property infrastructure and exterior upgrades.
Built in 1974 and located at 3905 Tower Dr., Park Towers Apartment Homes is a mid-rise, pet-friendly apartment community, each featuring a private balcony or patio, accessible from the living room and bedroom. The property offers spacious one and two-bedrooms, two-bathroom floor plans ranging from 770 to 910 square feet, with a fully equipped kitchen featuring oak cabinets and walk-in closets. The community amenities include a fitness center, business center, on-site laundry facilities, a putting green, outdoor games and a playground. Situated near the Metra station and in proximity to major expressways, I-57/US-30, residents can enjoy instant access to small casual eateries, popular hot spots, abundant recreation options including hiking, golfing, entertainment and shopping.
