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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 Woodland North Apartments, a 198-unit community in the major Twin Cities suburb of Coon Rapids in Minnesota.

South Florida-based Eastham Capital acquired the community through its fund, Eastham Capital Fund VII, LP, with its trusted operating partner, Bender Companies.  To date, Eastham and Bender have co-invested in 15 projects, all of which are currently delivering returns above pro forma.

“We are thrilled to acquire Woodland Apartments alongside Bender Companies as we expand across the Midwest,” said Matthew Rosenthal, founder and managing partner of Eastham Capital. “The acquisition gives us a high-quality asset at an attractive basis in a strong Twin Cities submarket. Coon Rapids benefits from healthy renter demand, with market occupancy above 96% and very little new supply coming online in the near term. Moreover, strong household incomes and relatively high home prices in the surrounding area should further sustain demand for quality rental housing.”