Eastham Capital has partnered with Bender Companies, a Chicago-based multifamily owner-operator in the acquisition of Brix on Morse, a 110-unit apartment community in Chicago.
South Florida-based Eastham Capital has invested in the deal through its current fund, Eastham Capital Fund VI, LP. Bender Companies, which has co-invested and partnered with Eastham Capital on multiple projects, will oversee the day-to-day management. The property was sold by Kiser Group brokers Andy Friedman, Jake Parker, and Danny Logarakis.
Brix on Morse was 97% occupied at the time of acquisition with average rents of just over $1,350/month. The acquisition includes a renovation budget of $1.2 million for exterior upgrades to landscaping, painting, and parking lots, as well as light interior refresh.
Constructed in 1969, Brix on Morse features 110 residential units, a mix of 48 studios, 42 one-bedroom, and 20 two-bedroom apartments, ranging from 663 to 993 sq ft. The development’s previous owners have kept up with necessary updates to the property including replacing all roofs, updating all elevators and electrical service, installing new boilers, and renovating the lobby and several apartment units. Brix also offers modern amenities, including a fitness center, bike storage, and a fire pit with BBQ stations.
