Eastham Capital Acquires The Element in Suburban Chicago for $75M
Eastham Capital has acquired The Element, a 509-unit garden-style multifamily community located in Mount Prospect, Illinois, for $75.25 million. The acquisition was made through the firm’s newest investment vehicle, Eastham Capital Fund VII, LP, in partnership with Bender Companies. This marks the tenth collaborative project between Eastham and Bender.
Originally built in 1968 and situated on more than ten acres, The Element comprises a mix of one-, two-, and three-bedroom units, including townhome-style layouts. Unit sizes range from 850 to 1,800 square feet. At the time of the transaction, the property was 95% occupied.
Eastham and Bender plan to implement approximately $5 million in renovations, focusing on unit interiors, building systems, and exterior enhancements. These improvements aim to build upon substantial upgrades completed by the previous ownership.
The community offers convenient access to key transportation corridors including I-90 and I-290, as well as the Mount Prospect Metra Station. Its prime location, just over seven miles from O’Hare International Airport and less than 22 miles from downtown Chicago, enhances its appeal to renters seeking suburban living with urban accessibility.
Upcoming Event: Connect Midwest Multifamily Trends Conference
Industry professionals are invited to attend the Connect Midwest Multifamily Trends conference on the afternoon of Tuesday, June 2, 2026, at Joe’s Live in Rosemont, Illinois. The event will feature discussions on major trends shaping the multifamily sector in the Midwest.
