CHICAGO, IL - Eastham Capital, a private equity real estate firm dedicated to providing superior, risk-adjusted returns to investors through the transformation of undervalued multifamily real estate, has announced the acquisition of Arrowhead Apartments, a 200-unit garden-style community in Palatine, a suburb of Chicago, Illinois.
South Florida-based Eastham Capital acquired the community for $31.5 million through its fund, Eastham Capital Fund VI, LP, with its trusted operating partner, Artisan Capital. To date, Eastham and Artisan have co-invested in five projects, all of which are currently delivering above-proforma returns.
“We are excited to once again partner with Artisan and expand our footprint in Chicago to Palatine, renowned for its excellent schools, thriving economy and community” said Matthew Rosenthal, founder and managing partner of Eastham Capital. Arrowhead Apartments marks the final acquisition for Eastham Capital Fund VI, LP.
Currently at 85% occupancy, with average rents of $1,776 per month, Arrowhead Apartments represents a compelling value-add opportunity in one of the fastest-growing suburban Chicago markets. The renovation plan includes roughly $1.9 million for amenity updates as well as interior and exterior building improvements. These improvements will build on significant upgrades completed by prior ownership.
Built in 1978 and located at 1950 N Cambridge Ct., Arrowhead Apartments offers a mix of spacious one-, two- and three-bedroom floor plans, ranging from 712 to 942 square feet.
The newly renovated apartments offer contemporary interiors with new stainless-steel appliances, designer cabinetry, quartz countertops, bathroom vanities, and modern light fixtures. Amenities include a new, expanded clubhouse, state-of-the-art fitness center, a swimming pool, playground, dog park, and a package room (Amazon Hub Locker).
Located in the amenity-rich Village of Palatine in the growing northwest suburbs, Arrowhead Apartments offers an excellent location, 30 miles from the Chicago Loop and 14 miles from O’Hare International Airport. The Palatine Metra Station, only minutes away, provides downtown commuters with a fast, easy way to get to work. Plus, quick access to Route 53 and Dundee Road makes traveling around the area simple and convenient.
For more information on Eastham Capital's unique investment approach and property portfolio, visit www.easthamcapital.com