Eastham Capital Announces $23.2M Disposition of Illinois Multifamily Asset
Eastham Capital, a private equity real estate firm and a sponsor of multifamily private real estate offerings, announced the $23.2 million disposition of Central Park Apartments, a 220-unit apartment community, located 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.
“Central Park has been a very successful investment for Eastham Capital, demonstrating the ability to create value in the Chicago suburban market,” said Matthew Rosenthal, founder and managing director of Eastham Capital. “The property’s strong performance spearheaded by a great operating partner in Bender, upholds our value-add investment strategy, especially in the Chicago suburbs.”
Under Bender’s management, Eastham said the team implemented a strategic improvement plan that substantially boosted the property’s appearance and profitability. Over the six-year hold period, 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.
In March 2025, AltsWire announced that Eastham sold Pinnacle Pointe Apartments, a 150-unit apartment community, located in Crestview, Fla., for $21.75 million. It was previously purchased for $14.89 million in April 2019. Also in March of this year, it disposed of Ridgeland Station, an 84-unit apartment community located in Chicago Ridge, Ill., for $10 million. Both properties were part of the Eastham Capital Fund V portfolio.
Founded in 2007, Eastham Capital is a private equity real estate firm that partners with local real estate owners and managers with operational expertise in the management, repositioning, and disposition of distressed real estate assets. To date, the firm has transacted on more than $5 billion in multifamily properties in collaboration with its local operating partners whose regions span the continental United States.
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