Eastham, Bender Pay $30M for Metro Chicago Community
The deal represents the 13th acquisition completed by the joint venture.
A joint venture between Eastham Capital and Bender Cos. has acquired Park Towers Apartment Homes, a 270-unit community in Chicago’s Richton Park suburb, for $30.4 million. Morgan Properties was the previous owners of the asset, according to Yardi Matrix.
The purchase was completed through Eastham’s Fund VII, marking the company’s third transaction using capital from the investment fund. Additionally, the acquisition was the joint venture’s 13th multifamily deal together.
In February 2025, the two companies marked their ninth co-investment when they purchased Haven Hoffman Estates, another community in one of Chicago’s suburbs, namely Hoffman Estates. The 550-unit property was the largest deal the joint venture had completed up until that point.
Chicago ranked fifth nationwide in terms of multifamily investment activity over the course of 2025, trailing behind Seattle, Dallas, Phoenix and Atlanta. The metro registered more than $3.7 billion in sales last year, surpassing by $1 billion the figure it recorded in 2024. A total of 89 assets changed hands across the Windy City, totaling 16,468 apartments, with an average per-unit price of $226,409, up 14 percent year-over-year.
A closer look at Park Towers Homes
The pet-friendly community is at 3905 Tower Drive, across the road from the Richton Park train station, which connects the suburb to downtown Chicago, 33 miles north. The property is also within 3 miles of a Walmart Supercenter, several parks and eateries.
The 1974-completed Park Tower Apartment Homes features three six-story buildings across a 7-acre site. The property has 50 one-bedroom and 220 two-bedroom residences ranging from 770 to 910 square feet. At the time of the sale, the community was 94 percent occupied.
Shared amenities include a fitness center, business center and a playground. The new ownership plans to invest $2.2 million into capital improvements, which aim to refurbish the exteriors and upgrade the infrastructure.
