Midwest

RICHTON PARK, ILL. — Eastham Capital and its operating partner Bender Cos. have acquired Park Towers Apartment Homes in Richton Park for $30.4 million. The 270-unit multifamily community is situated in Cook County. Park Towers is currently 94 percent occupied with average rents of $1,531 per month. The buyers plan to invest over $2.2 million focused on property infrastructure and exterior upgrades. Built in 1974, the property features floor plans ranging from 770 to 910 square feet. Amenities include a fitness center, business center, onsite laundry facilities, a putting green, outdoor games and a playground. To date, Eastham and Bender have co-invested in 13 projects.

CHICAGO — Aimco (NYSE: AIV) has completed the sale of a seven-property multifamily portfolio in metro Chicago totaling 1,495 units as part of its liquidation plan approved by stockholders in February. LaTerra Capital Management and Respark Residential purchased the portfolio for $455 million. The Aimco Chicago Portfolio consists of the following stabilized properties: Pete Evans and Richard Evans of Berkadia represented the seller in the transaction. 3650 Capital provided approximately $104 million in acquisition financing to the buyers. The transaction was also capitalized with roughly $308 million of Fannie Mae loan assumptions as well as equity capital from LaTerra and Respark. Approximately $20 million of the invested capital will fund improvements to the properties, including both common area and unit upgrades. “In the post-COVID era, the greater Chicago region has emerged as one of the strongest multifamily housing markets in the country,” says Michael Fleischer, deputy CIO at 3650. “While some regions are experiencing oversupply, the Midwest is seeing a sustained period of strong performance and stability driven by limited new supply, robust demand and relative affordability compared to coastal markets.”