Eastham Capital Fund Acquires Neighboring Communities in Houston Market
Eastham Capital, a sponsor of multifamily private real estate offerings, has partnered with Mosaic Residential – a Houston-based multifamily owner-operator – in the acquisition of Amber Oaks and Park Place, adjacent residential communities in the Houston suburb of Pearland, Texas.
South Florida-based Eastham Capital has invested in the deal through its current fund, Eastham Capital Fund VI, LP. Mosaic Residential, who has co-invested and partnered with Eastham Capital on multiple projects, will oversee the day-to-day management. The acquisition price was not disclosed.
Amber Oaks, totaling 63 units, is 95% occupied, with in-place average rents of $1,450 per month and Park Place, with 101 units, is 96% occupied, with in-place average rents of $1,167 per month. According to Eastham Capital, the communities have shared amenities, including a pool, playground, picnic area, grilling station, and laundry facility.
This acquisition includes a renovation budget in excess of $1 million to improve the units’ finishes and features. This includes upgrading the appliances to stainless steel, modernizing the flooring and fixtures, updating the paint, and installing smart home packages.
“We are excited to once again partner with Mosaic and expand our footprint in Texas to Pearland, renowned for its excellent schools, thriving economy, and diverse community,” said Matthew Rosenthal, founder and managing director of Eastham Capital. “These are terrific acquisitions as Pearland is one of the most sought-after submarkets in Houston, boasting 25% population growth between 2010 and 2023.”
Constructed in 2015, Amber Oaks offers 16 one-bedroom, and 47 two-bedroom apartments spread across two three-story buildings with units featuring granite countertops, washer/dryer connections and private balconies. Constructed in 1972, Park Place has 21 one-bedroom, 72 two-bedroom,and eight three-bedroom apartments. Park Place has 14 two-story buildings with tenants having access to 101 covered parking spaces.
Both properties are located less than 19 miles south of downtown Houston and eight miles south of William P. Hobby Airport. The properties are less than eight minutes from the intersection of Beltway 8 (Sam Houston Tollway), and Pearland Parkway. This provides each easy access to employers such as Texas Medical Center, NRG Stadium, and NASA, as well as the Pearland School District.
Last month, also via its Eastham Capital Fund VI, LP, Eastham Capital partnered with Bender Companies on the $16.8 million acquisition of Brix on Morse, a 110-unit apartment community in Chicago, Ill.
Founded in 2007, Eastham Capital is a private equity real estate firm based in Boca Raton, Fla., 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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