Eastham Capital acquired Haven Hoffman Estates, a 550-unit residential apartment community in the Chicago suburb of Hoffman Estates.
The community will be renamed Hoffman Hills Apartments as part of the property upgrade program.
South Florida-based Eastham Capital has obtained a majority ownership interest in the deal through its current fund, Eastham Capital Fund VI, LP. Bender Companies, who has co-invested and partnered with Eastham Capital on multiple projects, will oversee the day-to-day management.
The apartment community is currently 96% occupied with average rents of just over $1,349/month. The acquisition includes a renovation budget of $6.5 million, which will include interior unit, exterior, and amenity upgrades, along with the aforementioned rebranding of the property.
Built in 1970, the multifamily community features 33 renovated and classic studios, 319 one-bed and 198 two-bed apartments with floor plans averaging 746 square feet spread across eleven three-story buildings. On-site amenities include an outdoor swimming pool with a sundeck, a clubhouse, a fitness center, private work-from-home suites, and an outdoor dining area with a grilling station.
Located at 725 W Bode Cir., the property borders Schaumburg and is roughly 30 miles northwest of downtown Chicago and less than 15 miles northwest of Chicago O’Hare International Airport. It is in the heart of Chicagoland’s Golden Corridor, a 25-mile strip along I-90 that boasts more than a quarter million jobs. The property features garden-style apartments in a suburban location with top-rated school districts and convenient access to major suburban and downtown employers.
