Eastham Capital acquired a 75% ownership interest in The Landing at Town Center, a mixed-use community in Vernon Hills, Illinois.
Eastham Capital has invested through its current fund, Eastham Capital Fund VI, LP. The acquisition also includes a significant renovation budget. Chicago-based Bender Companies, who has partnered with Eastham Capital on multiple projects, will manage the property and oversee its enhancements.
Located at 1255 Town Center Road in Vernon Hills, The Landing at Town Center features 85 upscale residential units and 10,609 square feet of ground-floor retail space. Completed in 2010, the property comprises a mix of 34 one-bedroom, 46 two-bedroom, and 5 three-bedroom apartments. The development also offers modern amenities, including a fitness center, community lounge, stainless steel appliances, in-unit washers and dryers, and nine-foot-high ceilings. There are also three of the five ground-floor retail units currently occupied by a salon and spa, a dental office, and a pizza restaurant.
The property benefits from its location in Vernon Hills, one of the top-ranked suburbs in the Chicago area. The Landing’s assigned school district is ranked #1 in the nation, and it is convenient for those commuting to downtown Chicago and other areas of Chicagoland with a Metra Rail station and the Tri-State Tollway located nearby.
The venture has plans for a modest renovation to further elevate the property’s appeal. These upgrades will include “restore to core” enhancements across all units, positioning them competitively within the local rental market.
