Eastham Capital, in partnership with Artisan Capital, has recently announced the acquisition of Arrowhead Apartments. Located in a suburban neighborhood of Chicago, the garden-style multifamily property was purchased for $31.5 million.
The acquisition was made through Eastham Capital Fund VI, LP, marking the fifth collaboration between the two firms.
Eastham and Artisan Acquire Arrowhead Apartments in Partnership
In partnership with Artisan Capital, a commercial real estate investment firm, Eastham Capital has completed five acquisitions, including Arrowhead Apartments. The companies acquired the 200-unit residential community in Palatine, Illinois, for $31.5 million, under the final investment of Eastham Capital Fund VI, LP.
Currently at 85% occupancy, Arrowhead Apartments has an average monthly rent of $1,776. The apartment complex presents room for improvement, with approximately $1.9 million planned for upgrades. Planned improvements include updated amenities and both interior and exterior renovations.
Founded in 2007, South Florida-based Eastham Capital is a major private equity firm focused on multifamily real estate. The firm is known for working with local operating partners across the United States. It acquires and improves underperforming properties, using its on-the-ground expertise to manage, renovate, and sell multifamily properties.
Property Features and Location Advantages
The property, located at 1950 N Cambridge Court, was built in 1978 and consists of one-, two-, and three-bedroom apartments. The renovated units include features such as stainless steel appliances, quartz countertops, updated cabinetry, modern lighting, and more.
Community amenities offer a fitness center, clubhouse, dog park, swimming pool, and relaxed outdoors. The complex also has a package room with Amazon Hub Locker access.
Matthew Rosenthal, founder and managing partner of Eastham Capital, shared, “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.”
With the Arrowhead Apartments’ acquisition, Eastham and Artisan aim to enhance the community and increase the long-term value of the property.
