A joint venture between Ascenda Capital and The Texas City Housing Authority acquired two adjacent multifamily communities in Texas City. Veranda and Stone Ridge Apartments will now be merged into one asset totaling 448 units. Eastham Capital and Mosaic Residential were the sellers.
Commercial Edge reports Eastham and Mosaic acquired the then-split assets in 2018 and implemented a value-add strategy, including interior and exterior renovations, as well as amenity enhancements at the 1982- and 2002-built properties.
The assets averaged an occupancy rate of 94.5 percent at closing, while the in-place rents were 35 percent higher compared to units before the projects traded hands in 2018.
Located on more than 19 acres at 1115 Texas Route 146, the merged community is more than 37 miles southeast of downtown Houston.
The Flats at Veranda Ridge comprises studio and one- to three-bedroom layouts that average 779 square feet spread throughout 28 buildings. Amenities include a basketball court, swimming pool, theater and clubhouse, among other features.
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