Matt Rosenthal And Kurt Bender Acquire Park Tower Apartment Homes In Richton Park For $30M

The transaction involved the sale of the multifamily asset located at 3905 Tower Drive in Richton Park. The property encompasses 270 units and was sold for $30 million, equating to approximately $111,111 per unit. Built in 1974, the Park Tower Apartment Homes is currently 94 percent occupied, with an average monthly rent of $1,531.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $30,000,000
• Address: 3905 Tower Drive
• Market: Richton Park
• Units: 270
• Price Per Unit: $111,111
• Buyer: Matt Rosenthal - Eastham Capital; Kurt Bender - Bender Cos
• Seller: Jonathan Morgan & Jason Morgan - Morgan Properties

A joint venture between Eastham Capital and Bender Companies completed the acquisition, signaling an active interest in the Chicago suburbs for stable rent growth opportunities. The venture recently also purchased the 168-unit Flats at Gladstone in Glendale Heights for $24 million, highlighting a strategic focus on stable property investments in the region.