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 Sola Westchase, a 318-unit residential community located in the Westchase submarket of Houston, Texas.
South Florida-based Eastham Capital has invested in the deal through its current fund, Eastham Capital Fund VI, LP. Mosaic has co-invested with Eastham and will oversee the day-to-day management. The acquisition price was not disclosed.
“We are excited to partner on our 53rd deal with Mosaic, to once again expand our footprint in Texas to Westchase, a vibrant and growing community,” said Matthew Rosenthal, founder and managing director of Eastham Capital. “This is a terrific acquisition, located in an extremely desirable submarket offering an affordable living opportunity to reside in a business district near top employment centers.”
Sola Westchase is 95% occupied, with in-place average rents of $1,400/month. Prior ownership upgraded the interiors of all 318 units with granite countertops, stainless steel appliances, full-sized washers, and dryers, and 9-foot ceilings. In addition, the upgraded amenity package includes a swimming pool and heated spa, sun deck and lounge seating, outdoor BBQ pavilion, fitness center, clubhouse lounge and kitchen and a business center. Mosaic will be making minimal renovations inside the units and common areas for a more modern look.
The community is near several of Houston’s premier business districts including Westchase, Memorial City and the Energy Corridor. Prominent employers include Microsoft, Amazon, Honeywell, Shell, Citgo, Phillips 66, Quest Diagnostics and Sysco. The asset also benefits from proximity to shopping, dining, and entertainment, and is situated less than a half mile from both the Sam Houston Tollway and Westpark Tollway.
