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Highlights
A joint venture between Eastham Capital and Bender Companies bought the 270-unit Park Tower Apartment Homes in Richton Park for $30 million, equating to about $111,000 per unit.
The seller of the apartment complex, which was built in 1974, was the Pennsylvania-based mega-investor Morgan Properties. The property is 94 percent occupied, with average monthly rents of $1,531.
This is the second recent deal for the joint venture in the Chicago suburbs, following the acquisition of the 168-unit Flats at Gladstone apartments for $24 million.