Eastham Capital partnered with Mosaic Residential in the acquisition of Amber Oaks and Park Place in the Houston suburb of Pearland.
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/month and Park Place, with 101 units, is 96% occupied, with in-place average rents of $1,167/month. The communities, which are adjacent to each other, have shared amenities.
This acquisition includes a renovation budget in excess of $1 million to upgrade the units with the finishes and features expected by today’s class “A” renter. The interior improvements will include upgrading the appliances to stainless steel, modernizing the flooring and fixtures, updating the paint, and installing smart home packages.
Constructed in 2015 and located at 2685 Old Alvin Rd, Amber Oaks offers 16 one-bedroom, and 47 two-bedroom apartments spread across two three-story buildings with units featuring nine-foot ceilings, granite countertops, washer/dryer connections and private balconies.
Constructed in 1972 and located at 3340 E Walnut St., 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. Amber Oaks and Park Place are adjacent to each other; therefore, residents will have access to shared amenities including a pool, playground, picnic area, a grilling station, and a laundry facility.
