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Eastham Capital, a private equity real estate firm dedicated to providing superior, risk-adjusted returns to investors through the transformation of undervalued multifamily real estate, has announced the acquisition of Arrowhead Apartments, a 200-unit garden-style community in Palatine, a suburb of Chicago, Illinois.

South Florida-based Eastham Capital acquired the community for $31.5 million through its fund, Eastham Capital Fund VI, LP, with its trusted operating partner, Artisan Capital.  To date, Eastham and Artisan have co-invested in five projects, all of which are currently delivering above-proforma returns.

“We are excited to once again partner with Artisan and expand our footprint in Chicago to Palatine, renowned for its excellent schools, thriving economy and community” said Matthew Rosenthal, founder and managing partner of Eastham Capital.  Arrowhead Apartments marks the final acquisition for Eastham Capital Fund VI, LP.

Currently at 85% occupancy, with average rents of $1,776 per month, Arrowhead Apartments represents a compelling value-add opportunity in one of the fastest-growing suburban Chicago markets.  The renovation plan includes roughly $1.9 million for amenity updates as well as interior and exterior building improvements.  These improvements will build on significant upgrades completed by prior ownership.