Eastham Capital has partnered with Mosaic Residential in the acquisition of Amber Oaks and Park Place in the Houston suburb of Pearland, Texas.
Eastham Capital has invested in the deal through its current fund, Eastham Capital Fund VI. Mosaic Residential, which 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 percent occupied, with in-place average rents of $1,450 per month. Park Place, with 101 units, is 96 percent occupied, with in-place average rents of $1,167 per month. The adjacent communities have shared amenities.
This acquisition includes a renovation budget of more than $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
