Key Takeaways
- • Eastham Capital, through its Eastham Capital Fund VII, LP and joint venture partner Bender Companies, acquired Village at Grant Square Apartments, a 204-unit community at 7349 Grant St. in Omaha, Nebraska.
- • The property is 93% occupied with average monthly rents of $1,025, and the joint venture plans value-add capital improvements including unit renovations, clubhouse and common-area upgrades, and roof and exterior work.
- • The deal is the sixth acquisition for Eastham Capital Fund VII and reflects the firm's continued expansion of its Midwest multifamily portfolio.
- • Eastham and Bender have co-invested in 16 projects to date, all of which are reported to be delivering returns above pro forma, according to the firm.
- • Eastham Capital, founded in 2007 and based in Boca Raton, Florida, reports it has transacted on more than $5 billion in multifamily properties and has earned above-market returns across six funds.
Summary
Eastham Capital, a private equity real estate firm focused on value-add and distressed multifamily assets, has announced the acquisition of Village at Grant Square Apartments, a 204-unit residential community in Omaha, Nebraska. According to the announcement, the property was acquired through Eastham Capital Fund VII, LP alongside the firm's long-standing operating partner, Bender Companies. The transaction marks the sixth acquisition for Fund VII, according to Matthew Rosenthal, founder and managing partner of Eastham Capital.
The community, located at 7349 Grant St., was originally constructed in 1974 and comprises eight buildings with a mix of one- and two-bedroom floor plans averaging approximately 946 square feet. It is currently 93% occupied, with average monthly rents of $1,025. Amenities include an outdoor swimming pool, picnic and grilling area, dog park, fitness center, business center, laundry facilities, and detached garage parking. The property sits near I-680, Dodge Street, and 72nd Street.
The joint venture plans strategic capital improvements, including renovations to select apartment homes, enhancements to the clubhouse and common areas, and targeted roof and exterior upgrades. Rosenthal said the asset offers a high-quality base at an attractive acquisition basis, with room to create value through these improvements. He cited Omaha's diverse employment base and below-average unemployment rate as factors supporting confidence in the market's long-term growth potential.
Eastham and Bender have co-invested in 16 projects to date, all of which the firm says are delivering returns above pro forma. Founded in 2007 by Rosenthal and Eric Silverman, Eastham Capital reports it has transacted on more than $5 billion in multifamily properties across the continental United States and has earned above-market returns in six funds since its inception.
The community, located at 7349 Grant St., was originally constructed in 1974 and comprises eight buildings with a mix of one- and two-bedroom floor plans averaging approximately 946 square feet. It is currently 93% occupied, with average monthly rents of $1,025. Amenities include an outdoor swimming pool, picnic and grilling area, dog park, fitness center, business center, laundry facilities, and detached garage parking. The property sits near I-680, Dodge Street, and 72nd Street.
The joint venture plans strategic capital improvements, including renovations to select apartment homes, enhancements to the clubhouse and common areas, and targeted roof and exterior upgrades. Rosenthal said the asset offers a high-quality base at an attractive acquisition basis, with room to create value through these improvements. He cited Omaha's diverse employment base and below-average unemployment rate as factors supporting confidence in the market's long-term growth potential.
Eastham and Bender have co-invested in 16 projects to date, all of which the firm says are delivering returns above pro forma. Founded in 2007 by Rosenthal and Eric Silverman, Eastham Capital reports it has transacted on more than $5 billion in multifamily properties across the continental United States and has earned above-market returns in six funds since its inception.
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