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GLENDALE HEIGHTS, ILL. — Eastham Capital has acquired The Flats at Gladstone in Glendale Heights, 30 miles west of Chicago, for $24.1 million. The 169-unit garden-style property was purchased through the Eastham Capital Fund VII with investment partner Bender Cos. The new owners are planning a $2.5 million renovation of the property, which was built in 1977. The building exterior as well as the units will be upgraded during the new owners’ hold period. Additionally, they will build a new clubhouse containing a fitness center, leasing office and maintenance shop. The property is comprised of two-bedroom units throughout 31 buildings. Average effective rents currently are $1,690 per month.