ST. CHARLES, ILL. — Eastham Capital, along with operating partner Bender Cos., has acquired Fox Run Apartments, a 220-unit property in St. Charles, 40 miles west of Chicago. Birmingham, Michigan-based real estate investment firm M Group, in partnership with Chicago-based RUME Capital, sold the asset for approximately $32.4 million.
Fox Run Apartments was built in 1973 and is a four-building community made up of one-, two- and three-bedroom units along with a pool, picnic and grilling areas, package lockers, laundry facilities and off-street parking. Monthly asking rents currently average $1,703, presenting a value-add opportunity, according to Eastham.
The business plan calls for upgrades across approximately 80 apartments, including the addition of in-unit laundry as well as flooring updates, enhancements to the exterior, amenities, parking areas, landscaping, signage and security systems.