HOUSTON, TX - Eastham Capital, a private equity real estate firm dedicated to providing superior, risk-adjusted returns to investors through the transformation of undervalued multifamily real estate, announced the disposition of a multifamily community, Eagle Crest Apartments, a 200-unit apartment community located in Humble, a suburb of Houston, Texas.
Eagle Crest Apartments was acquired in 2017 by Eastham Capital Fund V, LP, as a joint venture between Mosaic Residential and Eastham Capital. The investment was identified as a value-add opportunity in a growing market benefiting from strong regional employment drivers, proximity to major transportation corridors, and continued population growth across the greater Houston area. The sale price was not disclosed.
“Eagle Crest Apartments proved to be an exceptional investment for Eastham, and we are pleased to announce the successful sale of the property,” said Matthew Rosenthal, founder and managing director of Eastham Capital. “The asset’s strong performance, under the leadership of our operating partner Mosaic, reflects the success of our Texas value-add strategy.”
The community is ideally located just minutes from George Bush Intercontinental Airport and Deerbrook Mall. Located at 5303 Atascocita Road, the property features a mix of garden-style one- and two-bedroom units ranging from 656 to 1,054 square feet. Community amenities feature a resort-style pool, fitness center, and clubhouse. At the time of disposition, Eagle Crest Apartments was approximately 95% occupied, with in-place rents having increased from $936 at the time of acquisition to $1,228
Eastham Capital is actively deploying its seventh fund (Fund VII, LP), with three properties already in the portfolio.
For more information on Eastham Capital's unique investment approach and property portfolio, visit www.easthamcapital.com