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**Ascenda Capital, Texas City Housing Authority Acquire and Merge Multifamily Communities**
A joint venture between Ascenda Capital and the Texas City Housing Authority has acquired and merged two neighboring multifamily communities in Texas City, Texas — Veranda Apartments and Stone Ridge Apartments. The newly combined property, now known as The Flats at Veranda Ridge, consists of 448 units.
The sellers, Eastham Capital and Mosaic Residential, originally acquired the two properties separately in 2018. Following their acquisition, the firms enacted a value-add strategy that included comprehensive interior and exterior renovations, along with upgrades to amenities across both communities. These improvements significantly enhanced the properties’ appeal, contributing to an average occupancy rate of 94.5% at the time of sale. Additionally, in-place rents had increased by 35% compared to pre-2018 levels.
Located at 1115 Texas Route 146, the community spans more than 19 acres and is situated approximately 37 miles southeast of downtown Houston. The Flats at Veranda Ridge offers a mix of studio, one-, two-, and three-bedroom units, with average unit sizes of 779 square feet distributed across 28 buildings.
Community amenities include a clubhouse, swimming pool, theater, and basketball court, among other features, providing residents with a well-rounded living experience.
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