Eastham Capital closed the disposition of Kensington Crossings, a 254-unit apartment community, and Morgan Bay, a 268-unit apartment community, both in Houston, Texas.
Kensington Crossings was acquired in 2018 and Morgan Bay in 2019, for the portfolio of Eastham Capital Fund V, LP, as a joint venture between Mosaic Residential and Eastham Capital. The sale prices were not disclosed.
Kensington Crossing Apartments includes a mix of one-, two-, and three-bedroom units ranging from 759 to 1317 square feet. Morgan Bay Apartments includes a mix of one and two-bedroom units ranging from 561 to 1042 square feet.
The team implemented a comprehensive repositioning strategy that significantly enhanced the asset’s profitability. At the time of disposition, Kensington Crossing was approximately 96.5% occupied, with in-place rents having increased from $1,000 at the time of acquisition to $1,344. Morgan Bay was approximately 94.8% occupied, with in-place rents having increased from $632 at the time of acquisition to $922.
