Eastham Capital Fund V Sells Florida Asset for $22 Million
Eastham Capital, a private equity real estate firm and a sponsor of multifamily private real estate offerings, announced the $21.75 million disposition of Pinnacle Pointe Apartments, a 150-unit apartment community, located in Crestview, Fla.
The property was acquired for approximately $14.89 million in April 2019 and as part of the Eastham Capital Fund V, LP, portfolio. It was in partnership with Stratford Management.
Pinnacle Pointe was the 12th collaboration between Eastham and Stratford. To date, the partners have co-invested in 19 properties together.
“Pinnacle Pointe was a terrific investment for Eastham Capital, proving our capability to create value in the Florida Panhandle,” said Matthew Rosenthal, founder and managing director of Eastham Capital. “The property’s strong performance, with 29.9% revenue growth during our ownership period, upholds our value-add investment strategy.”
“We value our relationship with Eastham Capital and look forward to continuing investing in value-add multifamily real estate together in the future,” said Andrew Gordon, founder and president of Stratford Management.
Eastham Capital acquired 75% ownership in the property in April 2019, with Stratford and its affiliates owning the remaining 25%. As the property manager, Stratford implemented a thorough repositioning strategy that substantially improved the property’s appearance and profitability.
During the almost six-year hold period, Eastham and Stratford completed exterior and interior unit renovations, decreased unit vacancies, and increased average monthly rental revenue. The property has maintained excellent occupancy levels, according to Eastham, continuously achieving up to 97% occupancy during their time of ownership.
Pinnacle Pointe Apartments, located at 1000 Patriot Lane, was built in 2010 and includes a mix of one-, two-, and three-bedroom units ranging from 829 to 1280 square feet. It also has a resort-style pool with sundeck, a state-of-the-art fitness center, a dog park, a playground, and walking and biking trails nearby.
Earlier this month, Eastham Capital announced the $10 million sale of Ridgeland Station. The 84-unit apartment community, located in Chicago Ridge, Ill., was also acquired for the portfolio of Eastham Capital Fund V, LP, but in February 2019. This was in partnership with Bender Companies.
In February 2025, Eastham Capital announced the acquisition of Haven Hoffman Estates, a 550-unit residential apartment community in the Chicago suburb of Hoffman Estates. The community was purchased for $75.8 million through its current fund, Eastham Capital Fund VI, LP.
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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