Suburban buy: $30M deal
A joint venture acquired a second suburban Chicago apartment property for about $30 million, a transaction flagged on local business feeds as part of ongoing regional multifamily M&A. The post noted the purchase as another example of brisk investor activity outside the downtown core. (x.com)
A joint venture led by Eastham Capital and Bender Companies paid about $30 million for Park Towers Apartment Homes in Richton Park, its second suburban Chicago apartment buy in less than a week. (therealdeal.com) The buyers acquired the 270-unit complex at 3905 Tower Drive for $30.4 million, or about $111,000 per unit, according to Eastham Capital and trade reports published April 1 and April 3, 2026. (rebusinessonline.com) Park Towers was built in 1974, was 94 percent occupied at the time of sale, and had average monthly rents of $1,531. The seller was Morgan Properties, according to multiple reports. (multihousingnews.com) The same venture bought another suburban Chicago property days earlier: the 168-unit Flats at Gladstone in Glendale Heights for $24 million, or about $143,000 per unit. That deal was reported March 26, 2026. (therealdeal.com) Suburban apartment trading around Chicago has been running ahead of last year’s pace. Interra Realty said investors closed on 212 suburban multifamily properties in 2025, up about 29 percent from 2024, with total volume near $750 million. (therealdeal.com) Interra also reported in mid-2025 that both deal count and dollar volume were rising in the suburbs as buyers targeted multifamily buildings outside downtown Chicago. (rejournals.com) Eastham Capital’s own site lists Park Towers among current investments and separately highlighted two March 2026 Chicago-area acquisitions priced at $31.5 million and $30.4 million, underscoring how active the firm has been in the region this year. (easthamcapital.com) For Bender Companies, the Chicago-area push has stretched from city neighborhoods to the suburbs. Eastham’s site said Bender’s September 2024 purchase of the 110-unit Brix on Morse in Rogers Park was the firm’s first acquisition in Chicago. (easthamcapital.com) The Richton Park deal adds another older, mostly occupied suburban complex to that buying streak. In the Chicago apartment market this spring, more of the action has been happening beyond the downtown core. (therealdeal.com)
