Suburban Multifamily Complex Changes Hands For $75.8M, Chicago Loses Major Exchange

Eastham Capital and Bender Cos. are capitalizing on strong Midwestern multifamily rent growth with the acquisition of a 550-unit residential community in Hoffman Estates for $75.8M.

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The apartment community at 725 W. Bode Circle is 96% occupied, and the acquisition includes a renovation budget of $6.5M. Eastham Capital obtained a majority ownership interest in the deal through its Eastham Capital Fund VI, while Bender Cos. will oversee the day-to-day management.

“This deal is our ninth, and largest, acquisition with Bender Companies,” Matthew Rosenthal, founder and managing partner of Eastham Capital, said in a press release.

— Ryan Wangman

Today's Rundown

New York Stock Exchange To Launch Rebranded Former Chicago Branch In DFW: The announcement comes as new entrant the Texas Stock Exchange takes flight and Nasdaq expands its reach in the state. Read more.

Equity Commonwealth Sheds Final Property As It Winds Down Business: The Chicago-based company is under contract to sell its 32-story building in Denver for $132.5M, or $186 per SF, with the deal expected to close later this month. Read more.

DOGE's Federal Real Estate Cuts Put $12B Of CMBS Debt At Risk, Barclays Says: Office properties make up 87% of the exposure, and Chicago trails only Washington, D.C., in CMBS debt tied to government leases. Read more.

What Else Is Happening?

Startup Focused On 'Democratizing Real Estate' Ordered To Hand Over 119 Properties To Lender

Senior Housing Demand Likely To Eclipse Supply By 360,000 Units Within 5 Years

Pharmaceutical Giant Moving Out Of 635K SF Building In Rockville

Ares' CRE Arm Cuts Dividends By 40% As It Addresses Underperforming Loans

The Finish Line

The weather outside is oh, so frightful today, as Chicago is expected to get up to 6 inches of snow by the time we all wake up tomorrow. I waffle back and forth between admiring the beauty of freshly fallen snow and bemoaning how difficult it is to get around following a storm. Chicago summers can’t come soon enough.

The Chicago Rundown is written by Chicago Reporter Ryan Wangman and edited by Central Editor Katharine Carlon. If you enjoyed today’s edition, please share and forward with anyone you think might find it interesting. We’d also love your feedback and news tips: ryan.wangman@bisnow.com.

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