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 Fox Run Apartments, a 220-unit community in St. Charles, Illinois, within Chicago’s western suburban market.
South Florida-based Eastham Capital acquired the community through its fund, Eastham Capital Fund VII, LP, with its trusted operating partner, Bender Companies. To date, Eastham and Bender have co-invested in fourteen projects, all of which are currently delivering above-proforma returns.
“We are thrilled to acquire Fox Run as we continue expanding our footprint in the highly desirable Chicago market,” said Matthew Rosenthal, founder and managing partner of Eastham Capital. “With its location along the Fox River near downtown St. Charles, the Geneva Metra station, major roadways and the Randall Road retail corridor, the community offers residents exceptional connectivity to shopping, dining, recreation and everyday conveniences, making it a compelling investment opportunity for our fund.”
Currently with average monthly rents of $1,703, Fox Run Apartments presents a compelling value-add opportunity in one of suburban Chicago’s fastest-growing markets. Following recent capital improvements, the business plan calls for additional upgrades across more than 80 apartment homes, including in-unit laundry and flooring updates, along with targeted enhancements to the exterior, amenities, parking areas, landscaping, signage and security systems. The operating partner will also focus on strengthening leasing operations and elevating the resident experience.
Originally constructed in 1973, Fox Run is a four-building, loft-style community offering a mix of one-, two- and three-bedroom floor plans ranging from 650 to 1,430 square feet. Residences feature spacious layouts, with select loft-style homes offering high ceilings, private patios or balconies, and walk-in closets. Community amenities include a clubhouse, fitness center, outdoor swimming pool and sundeck, picnic and grilling areas, package lockers, laundry facilities, and ample off-street parking.
The property is located 1.5 miles from downtown St. Charles and approximately three miles from the Geneva Metra station, with convenient access to Route 38, Route 64 and the Randall Road retail corridor.
For more information on Eastham Capital's unique investment approach and property portfolio, visit www.easthamcapital.com