The apartment community in Chicago’s Rogers Park neighborhood marks Eastham Capital’s eighth partnership with local operating partner Bender Companies
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 partnered with Bender Companies, a Chicago based multifamily owner-operator in the acquisition of Brix on Morse, a 110-unit apartment community in Chicago, Illinois.
South Florida-based Eastham Capital has invested in the deal through its current fund, Eastham Capital Fund VI, LP. Bender Companies, who has co-invested and partnered with Eastham Capital on multiple projects, will oversee the day-to-day management. The property was sold by Kiser Group brokers Andy Friedman, Jake Parker, and Danny Logarakis.
Brix on Morse was 97% occupied at the time of acquisition with average rents of just over $1,350/month. The acquisition includes a renovation budget of $1.2 million for exterior upgrades to landscaping, painting, and parking lots, as well as light interior refresh.
“Bender has been an incredible affiliate to work with, and we are thrilled to be partnering again to further our reach into the thriving Midwest marketplace,” said Matthew Rosenthal, founder and managing partner of Eastham Capital. “Centrally located between multiple elite universities and 10 miles from downtown Chicago, this property’s prime location, modern amenities, and local neighborhood nightlife make it an investment to be excited about.”
“This asset offered us a great opportunity to assume the property’s existing debt at a favorable 2.67% interest rate with six years remaining on the term,” said Kurt Bender, Founder and Principal of Bender Companies. “We plan to make light unit upgrades and electrical improvements to enhance the property. This marks our first investment in the city of Chicago, and our eighth acquisition in partnership with Eastham Capital. We are excited to continue our expansion in the greater Chicagoland area.”
Constructed in 1969, Brix on Morse features 110 residential units, a mix of 48 studios, 42 one-bedroom, and 20 two-bedroom apartments, ranging from 663 to 993 sq ft. The development’s previous owners have kept up with necessary updates to the property including replacing all roofs, updating all elevators and electrical service, installing new boilers, and renovating the lobby and several apartment units. Brix also offers modern amenities, including a fitness center, bike storage, and a fire pit with BBQ stations.
For more information on Eastham Capital’s unique investment approach and 155+ property portfolio, visit www.easthamcapital.com.
