Eastham Capital closed the $23.2 million disposition of Central Park Apartments, a 220-unit apartment community in Park Forest, a south suburb of Chicago.
The property was acquired for the portfolio of Eastham Capital Fund V, LP, in partnership with Bender Companies in September 2019. Central Park Apartments was the second collaboration between Eastham and Bender. To date, the partners have co-invested in 10 properties together.
Under Bender’s management, the team implemented a strategic improvement plan that substantially boosted the property’s appearance and profitability. Over the six-year hold period, significant exterior renovations were completed including parking lot resurfacing, sidewalk repairs, and patio concrete upgrades.
The property has consistently maintained excellent occupancy levels, averaging over 97% during our time of ownership. Central Park Apartments, located at 11 Fir St, Park Forest, includes a mix of one-bedroom apartments as well as two- and three-bedroom townhomes, ranging from 724 to 1326 square feet, with hardwood floors, ample storage, and walk-in closets. The multifamily community is located 25 miles south of the Chicago Loop, near dining and shopping in downtown Park Forest.
