Eastham Capital has expanded its presence in the Chicago area with the acquisition of The Flats at Gladstone, a 168-unit garden-style multifamily community in Glendale Heights, Illinois. The property is located within Chicago’s DuPage County submarket and consists of low-rise residential buildings in a suburban setting.
The South Florida-based private equity firm purchased the community for $24.1 million through its vehicle Eastham Capital Fund VII, LP. Bender Companies is participating in the transaction as Eastham’s operating partner, continuing a relationship in which the two firms have co-invested in 12 projects. Eastham founder and managing partner Matthew Rosenthal described the deal as the second acquisition for Fund VII and noted that it extends the firm’s footprint in the Chicago market to include Glendale Heights.
The Flats at Gladstone is currently 96% occupied, indicating a largely stabilized rent roll at the time of sale. The business plan calls for a renovation program totaling roughly more than $2.5 million, targeting both exterior and interior improvements. Planned work includes exterior building upgrades across the community and interior unit renovations designed to modernize finishes and functionality.
As part of the repositioning effort, ownership also intends to construct a new clubhouse on site. The clubhouse is programmed to include a fitness center, a leasing office, and a maintenance shop, adding community amenities and operational space that were not previously available in this format. These capital projects are aimed at enhancing both resident experience and property operations.
Built in 1977, The Flats at Gladstone is composed of 31 separate residential buildings, each configured as a six-unit structure. The community offers two-bedroom floor plans ranging from 846 to 987 square feet, giving residents a selection of layouts within a relatively narrow size band. The property is located at 148 Gladstone Dr., providing convenient access within the Glendale Heights area of DuPage County.
The acquisition underscores ongoing investor interest in mature suburban Chicago submarkets where occupancy remains high and assets offer room for value creation through targeted renovations and amenity upgrades. Eastham Capital’s use of a dedicated fund vehicle and its continued partnership with Bender Companies highlight a programmatic approach to multifamily investment in the region.
In a separate but related industry note, Connect CRE will host the Connect Midwest Multifamily Trends Conference on Tuesday afternoon, June 2, 2026. At that event, JDL founder Jim Leitchinger will receive the Changing Skyline Award, followed by a keynote interview offering insights into multifamily development in the region.
