This partnership marks Eastham Capital’s 54th & 55 th acquisition with local operating partner
Houston, Texas - 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, has partnered with Mosaic Residential, a Houston-based multifamily owner-operator 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.
“We are excited to once again partner with Mosaic and expand our footprint in Texas to Pearland, renowned for its excellent schools, thriving economy, and diverse community,” said Matthew Rosenthal, founder and managing director of Eastham Capital. “These are terrific acquisitions as Pearland is one of the most sought-after submarkets in Houston boasting 25% population growth between 2010 and 2023.”
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.
Both properties are located less than 19 miles south of downtown Houston and eight miles south of William P. Hobby Airport. The properties are less than eight minutes from the intersection of Beltway 8 (Sam Houston Tollway), and Pearland Parkway. Providing easy access to the Texas Medical Center, NRG Stadium, NASA, Kemah, and more, while offering educational opportunities within the renowned Pearland School District, and proximity to high-quality restaurants and premium retail areas. Pearland is the third largest city in the Greater Houston area after Houston and Pasadena, Texas.
For more information on Eastham Capital’s unique investment approach and 155+ property portfolio, visit www.easthamcapital.com.
