Eastham Capital, Mosaic Residential Sell Two Metro Houston Assets

TEXAS CITY, TEXAS — Eastham Capital has sold two communities in Texas City, Veranda Apartments and Stone Ridge Apartments, to an undisclosed buyer for undisclosed sums. Texas City is about 41 miles southeast of Houston. Veranda Apartments and Stone Ridge Apartments were acquired in 2018 by Eastham Capital as a joint venture with Mosaic Residential. The investments were identified as value-add opportunities. During the hold period, the team executed a capital improvement and operational enhancement program that included interior unit renovations, exterior upgrades and amenity enhancements paired with improved property management and revenue management strategies. At the time of disposition, Veranda Apartments was approximately 95 percent occupied, with in-place rents having increased $336 (36 percent) over the JV’s hold, and Stone Ridge Apartments was approximately 94 percent occupied, with in-place rents having increased $259 (34 percent) since 2018.