Eastham Capital, Bender Cos. Acquire 110-Unit Brix on Morse Multifamily Building in Chicago for $16.8M

CHICAGO — Eastham Capital and Bender Cos. have partnered to acquire Brix on Morse, a 110-unit multifamily building in Chicago, for $16.8 million. Eastham has invested in the deal through its current fund, Eastham Capital Fund VI LP. Bender will oversee the day-to-day management. Andy Friedman, Jake Parker and Danny Logarakis of Kiser Group brokered the transaction. Brix on Morse was 97 percent occupied at the time of sale with average rents of just over $1,350 per month. The acquisition includes a renovation budget of $1.2 million for exterior upgrades to landscaping, painting and parking lots as well as a light interior refresh. Constructed in 1969, the property features 48 studios, 42 one-bedroom units and 20 two-bedroom apartments ranging from 663 to 993 square feet. Amenities include a fitness center, bike storage and fire pit with barbecue stations.