A South Florida investment firm and a Chicago-based operator have snapped up Park Towers Apartment Homes, a 270-unit mid-rise community in Richton Park. The joint venture between Eastham Capital and Bender Companies paid roughly $30 million for the complex, with the deal closing on Tuesday. The purchase adds another sizeable value-add play to the growing list of investors betting on the south suburban rental market.
The Deal
According to Chicago Business Journal, Eastham Capital and Bender Companies paid about $30 million for Park Towers, and public records show the transaction closed on March 31. The outlet reported the sale price and timing as part of broader coverage of active investors scooping up suburban apartments this spring.
The Buyers and Their Playbook
Bender Companies said the acquisition expands its Illinois footprint and brings the firm’s portfolio to more than 6,200 units, according to Bender Companies. “We’re excited to acquire Park Towers, a top multifamily community within the South Suburban Cook submarket, and to further expand our presence in the area,” Kurt Bender said in the company’s release. The firm said it will partner with Eastham on a value-add program focused on renovating units and upgrading core building systems.
Property Basics
Park Towers sits at 3905 Tower Drive and totals 270 apartments across mid-rise buildings, according to the offering materials and local listings. The community, built in the 1970s, features one- and two-bedroom homes with private balconies and on-site amenities, per JLL. Its proximity to the Richton Park Metra station and I-57 makes it a straightforward option for commuting renters.
Why Investors Are Buying South Suburbs
Industry reporting shows buyers are staying busy in the region, with suburban multifamily viewed as a steady, yield-oriented strategy; CoStar has tracked several similar deals. Eastham’s own portfolio page lists a string of recent Illinois acquisitions as the firm raises Fund VII, according to Eastham Capital. Park Towers fits in with other mid-market purchases in nearby towns and highlights investor appetite for commuter-oriented, value-add communities.
What Renters Might See
The new owners say they plan renovations centered on unit interiors, siding and balconies, along with system upgrades. Offering materials and reporting put the initial capital plan at roughly $2.2 million. YieldPro reported the community was about 94% occupied at the time of sale. Bender’s announcement adds that upgrades will be phased to limit disruption for residents, though the companies have not released a detailed schedule.
