Philadelphia-based GoldOller Real Estate Investments has acquired Central Park Apartments, a 220-unit workforce housing community, from Boca Raton, Fla.-based Eastham Capital for $23.2M.
Property: Workforce Housing Community in Park Forest, Ill.
Price: $23.2M
Buyer: GoldOller Real Estate Investments
Seller: Eastham Capital
Central Park Apartments, a 220-unit workforce housing community located at 11 Fir Street in Park Forest, includes a mix of one-bedroom apartments and two- and three-bedroom townhomes, ranging from 724 to 1,326 s.f., with hardwood floors, ample storage and walk-in closets.
The property is near dining and shopping in downtown Park Forest and is situated 25 miles south of the Chicago Loop. It has averaged 97% occupancy since it was acquired by Eastham Capital in 2019.
“We focused on delivering a quality product for the workforce housing sector. By adhering to a disciplined restoration plan and focusing on practical improvements rather than niche luxury finishes, we were able to navigate the project with few hurdles and provide much-needed housing stability to the area,” said Zach Dovner, VP of acquisitions and general counsel for Eastham Capital.
