Eastham Capital closes disposition of 200-unit apartment community in Houston market

Eastham Capital closes disposition of 200-unit apartment community in Houston market

Eastham Capital closed the disposition of Eagle Crest Apartments, a 200-unit apartment community in Humble, a suburb of Houston, Texas. Eagle Crest Apartments was acquired in 2017 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. The community is ideally located just minutes from George Bush Intercontinental Airport and Deerbrook Mall. Located at 5303 Atascocita Road, the property features a mix of garden-style one- and two-bedroom units ranging from 656 to 1,054 square feet. Community amenities feature a resort-style pool, fitness center, and clubhouse. At the time of disposition, Eagle Crest Apartments was approximately 95% occupied, with in-place rents having increased from $936 at the time of acquisition to $1,228.