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MOUNT PROSPECT, ILL. — Eastham Capital, along with co-investor Chicago-based Bender Cos., has acquired The Element, a 509-unit garden-style property in Mount Prospect, 22 miles northwest of Chicago. The Element, which traded at $75.3 million, is the first asset acquired with Eastham’s Fund VII. The company will invest $5 million to upgrade units, exterior areas and building systems. The property was 95 percent occupied at the time of the sale, with average monthly effective rents at $1,590. The Element was built in 1968 on approximately 10 acres. Eastham Capital is based in Boca Raton, Florida. Monument Capital Management was the seller, according to CoStar.