HOFFMAN ESTATES, ILL. — Eastham Capital and Bender Cos. have acquired Haven Hoffman Estates, a 550-unit property in Hoffman Estates, 33 miles west of Chicago. The asset traded hands for $75.8 million. The identity of the seller was not disclosed.
Eastham Capital obtained a majority interest in the deal through its current fund, Eastham Capital Fund VI LP. Bender Cos. will oversee the day-to-day management of the property.
Built in 1970, the property offers amenities such as a pool, clubhouse, fitness center, work-from-home suites and an outdoor dining area. The community was 96 percent occupied at the time of sale. Average rents are roughly $1,349 per month. The property will be renamed Hoffman Hills Apartments as part of a property update program.
The acquisition includes a renovation budget of $6.5 million, which will include interior unit, exterior and amenity upgrades.