Eastham Capital Invests $16.8M in Chicago Apartment Complex

Eastham Capital Fund VI has partnered with Bender Companies to acquire the 110-unit Brix on Morse apartment complex in Chicago for $16.8 million, including a $1.2 million renovation budget.

September 12, 2024

Eastham Capital, a private real estate sponsor, has partnered with Bender Companies to acquire Brix on Morse, a 110-unit apartment complex in Chicago’s Rogers Park neighborhood, for $16.8 million. The acquisition was made through Eastham Capital Fund VI, LP, while Bender Companies, a Chicago-based multifamily operator, will handle property management.

At the time of purchase, Brix on Morse had a 97% occupancy rate, with average monthly rents exceeding $1,350. The deal includes a $1.2 million budget for exterior and interior renovations. The property, built in 1969, offers a mix of studio, one-, and two-bedroom apartments and features modern amenities such as a fitness center and BBQ stations.

This acquisition marks the eighth collaboration between Eastham Capital and Bender Companies. Kurt Bender, founder of Bender Companies, highlighted the favorable 2.67% interest rate and six-year loan term on the property’s existing debt as key factors in the deal.

Earlier in the summer, Eastham Capital also acquired a 75% ownership stake in The Landing at Town Center, a mixed-use property in Vernon Hills, Illinois, through the same fund. This project, like Brix on Morse, was done in partnership with Bender Companies.

Since its founding in 2007, Eastham Capital has raised nearly $1 billion across six multifamily funds, partnering with local operators to manage distressed real estate across the U.S.