Bender Cos And Eastham Capital Acquire 509 Unit Element Apartments In Mount Prospect For $75.3M

The property involved in this transaction is a multifamily asset located at 1550 West Dempster Street in Mount Prospect. The sale price for this 509-unit apartment complex was $75,300,000, translating to a price per unit of $147,937. The acquisition reflects a notable increase from the $68,000,000 paid by the previous owner in 2017.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $75,300,000
• Units: 509
• Price Per Unit: $147,937
• Buyer: Kurt Bender - Bender Cos; Eric Silverman & Matthew Rosenthal - Eastham Capital
• Seller: Alex Rodriguez & Ramon Corona - Monument Capital Management
• Mortgage Broker: Brett Hood - NorthMarq

This transaction was facilitated by a joint venture between Bender Cos. and Eastham Capital. The deal was financed with a $60.8 million Fannie Mae loan, indicative of the ongoing demand for workforce housing in the Chicago area and consistent suburban rental demand.