PEARLAND, TEXAS — Eastham Capital has partnered with Mosaic Residential to acquire Amber Oaks and Park Place, two adjacent communities totaling 164 units in Pearland, about 20 miles south of downtown Houston. Eastham Capital has invested in the deal through its current fund, Eastham Capital Fund VI LP. The acquisition price was not disclosed.
Amber Oaks was built in 2015 and is located at 3340 E Walnut Street. The property consists of 63 units spread across two three-story buildings. The unit mix includes 16 one-bedroom and 47 two-bedroom apartments. The average rent is $1,450 per month. The community was 95 percent occupied at the time of the sale.
Constructed in 1972 at 3340 E Walnut Street, Park Place comprises 101 apartments across 14 two-story buildings. The community offers 21 one-bedroom, 72 two-bedroom and eight three-bedroom units. Park Place was 96 percent occupied at the time of sale. The property also includes 101 covered parking spaces.
The two communities have shared amenities. Residents have access to a pool, playground, picnic area, grilling station and laundry facility.
The new ownership plans to invest approximately $1 million to renovate the communities. Units will be updated with new stainless steel, smart home packages, flooring and fixtures. The buyer also plans to repaint the outsides of the building. Mosaic Residential will oversee the day-to-day management of the two communities.