Eastham Capital Sells Veranda Apartments And Stone Ridge Apartments In Texas City For 448 Units

The asset involved in the transaction is a multifamily property located at 3700 9th Avenue North & 1115 North Highway 146 in Texas City, comprising 448 units. The property was positioned to optimize occupancy and was renovated to enhance its appeal within the market.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: Not disclosed
• Assets Sold: Veranda Apartments (200 units) and Stone Ridge Apartments (248 units)
• Seller: Matthew Rosenthal - Eastham Capital; Mosaic Residential
• Market: Texas City
• Occupancy Rate During Hold Period: ~95%
• Rent Growth During Hold Period: 34–36%
• Acquisition Year: 2018

Matthew Rosenthal represented Eastham Capital and Mosaic Residential in the transaction. Both companies were responsible for repositioning the communities through renovations and operational improvements, directly contributing to the financial performance during the holding period.