Eastham Capital JV Sells Houston Asset
The property’s occupancy rate was significantly above the market average.
Eastham Capital and Mosaic Residential have sold Eagle Crest Apartments, a 200-unit asset in the Houston suburb of Humble, Texas.
The duo acquired the property in 2017 through an investment vehicle dubbed Eastham Capital Fund V. The purchase also included Timberlakes at Atascocita, another 312-unit multifamily asset in Humble, according to Yardi Matrix data.
Following the deal, the new ownership executed a value-add strategy at Eagle Crest, which increased average in-place rents from $936 in 2017 to $1,228 in 2026. The community was 95 percent leased at closing. The figure was more than 250 basis points ahead of the market average reported by Yardi Matrix.
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Completed in 1999, Eagle Crest consists of 13 two- and three-story buildings encompassing one- and two-bedroom layouts ranging between 656 and 1,054 square feet. Common-area amenities include a swimming pool, gym and clubhouse.
Carrying the address 5303 Atascocita Road, the property is within Houston’s northeast submarket, approximately 23 miles from the downtown area. Residents can access a roughly 1.2 million-square-foot shopping center about 6 miles away.
Since its inception in 2007, Eastham has transacted more than $5 billion in multifamily assets. The company is currently deploying capital from its seventh investment vehicle, with three deals already closed. Among these was the acquisition of a 270-unit asset in Chicagoland for $30.4 million. Eastham partnered with Bender Cos. for the deal.
Houston multifamily investment remains undeterred
Although many markets experienced an expected—albeit tepid—season-driven advertised rent growth, Houston was not among them as the metro’s rates ticked down 0.2 percent month-over-month in April, according to a Yardi Matrix report. Yet, that did not deter investors.
One of the market’s most notable deals this year so far was the sale of 2929 Weslayan, a 254-unit tower rising 40 stories. Sade Real Estate acquired the asset with $128.5 million in acquisition financing. The buyer then rebranded the property as The Arno.
