Eastham Capital and Bender Cos. Acquire 198-Unit Multifamily Property in Coon Rapids, Minnesota

Eastham Capital and Bender Cos. have completed the acquisition of Woodland North Apartments, a 198-unit multifamily community located in Coon Rapids, Minnesota. The property, situated in a Twin Cities suburb, was 94 percent occupied at the time of sale, with an average monthly rent of $1,424. This transaction marks the 15th co-investment for South Florida-based Eastham, through its Eastham Capital Fund VII LP, and its operating partner Bender.

Constructed in 1979, Woodland North Apartments offers a diverse mix of studio, one-, two-, and three-bedroom floor plans, averaging 1,029 square feet. Over 70 percent of the units are two- and three-bedroom layouts. The new ownership's business strategy involves continuing recent capital improvements with additional upgrades across various apartment homes. These planned enhancements include new in-unit laundry facilities and appliances, alongside targeted improvements to the property's exterior and existing amenities. Current amenities feature a pool, underground heated parking, a car wash bay, a community room, a fitness center, and courts for tennis, basketball, and racquetball. This acquisition and planned investment highlight continued interest in value-add multifamily opportunities in suburban markets.