Eastham Capital Announces Disposition of Two Multifamily Assets in Houston Metro
Eastham Capital, a private equity real estate firm and a sponsor of multifamily private real estate offerings, announced the disposition of two multifamily communities – Veranda Apartments, a 200-unit apartment community, and Stone Ridge Apartments, a 248-unit apartment community. Both are located in Texas City, part of the larger Houston metropolitan area.
The disposition amounts were not disclosed. The buyers are a partnership between Ascenda Capital and Texas City Housing Authority.
Veranda Apartments and Stone Ridge Apartments were acquired in 2018 by Eastham Capital Fund V, LP, as a joint venture between Mosaic Residential and Eastham Capital. The investments were identified as value-add opportunities in a growing submarket benefiting from strong regional employment drivers, proximity to major transportation corridors, and continued population growth across the greater Houston area.
“Veranda Apartments and Stone Ridge Apartments were excellent investments for Eastham, and we are delighted with the profitable sales of these properties,” said Matthew Rosenthal, founder and managing director of Eastham Capital. “Both properties’ strong performance, led by our great operating partner in Mosaic, upholds our value-add investment strategy in Texas.”
During the hold period, the team said it executed a comprehensive capital improvement and operational enhancement program designed to reposition both communities within their competitive sets. Interior unit renovations, exterior upgrades, and amenity enhancements were paired with improved property management and revenue management strategies. These efforts reportedly drove increases in occupancy and overall asset performance.
Eastham Capital’s realized investment records indicate the following returns for the properties:
- Veranda: 6.88% gross internal rate of return, and 1.50x gross multiple on invested capital; and
- Stone Ridge: 7.13% gross IRR, and 1.50x gross MOIC.
At the time of disposition, Veranda Apartments was approximately 95% occupied, with in-place rents having increased $336 (36%) over the hold period, and Stone Ridge Apartments was approximately 94% occupied, with in-place rents having increased $259 (34%) over the ownership period. The company said the execution of the business plan improved operations and resident amenities during the hold period.
In September 2025, AltsWire reported Eastham Capital’s $23.2 million disposition of Central Park Apartments, a 220-unit apartment community, located in Park Forest, a south suburb of Chicago. That property was also part of the Eastham Capital Fund V portfolio.
Founded in 2007, Eastham Capital is a private equity real estate firm that partners with local real estate owners and managers with operational expertise in the management, repositioning, and disposition of distressed real estate assets. To date, the firm has transacted on more than $5 billion in multifamily properties in collaboration with its local operating partners whose regions span the continental United States.
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