Eastham Capital brokered the disposition of University Green Apartments, a 194-unit apartment community in Houston, Texas
University Green Apartments was acquired in 2018 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.
During the hold period, the team executed a comprehensive capital improvement and operational enhancement program designed to reposition the community within its competitive set. Interior unit renovations, exterior upgrades, and amenity enhancements were paired with improved property management and revenue management strategies. These efforts have driven meaningful increases in occupancy, resident quality, and overall asset performance.
University Green Apartments, located at 1620 Bay Area Blvd., includes a mix of one- and two-bedroom units ranging from 424 to 988 square feet. At the time of disposition, University Green Apartments was approximately 97% occupied, with in-place rents having increased from $739 at the time of acquisition to $1040. The community is within great proximity of the University of Houston, Clear Lake, HCA, and the NASA Space Center in Houston, Texas. The successful execution of the business plan resulted in significant value creation for investors while delivering upgraded housing options to residents in the Houston community.
