Mosaic Apartments
4025 Burke Rd, Pasadena, TX 77504Investment Details
Location
Mosaic Apartments serves as a key strategic asset in Pasadena, Texas, a region closely tied to the oil and gas industry. This 504-unit Class B property offered a strong value-add investment opportunity. Upon acquisition, Nord Group initiated a comprehensive renovation program, upgrading over 50% of the units with premium features such as granite countertops, stainless steel appliances, new flooring, and fresh paint. These improvements led to a significant $150 rent increase, elevating Mosaic Apartments as a sought-after residential community in the area.
Currently, the property enjoys a 92% occupancy rate and 99% rent collections, reflecting its strong appeal in the local market. Through well-timed lease renewals and average rent increases of $65 (a 5% uplift), Mosaic Apartments continues to show sustained demand and robust financial performance, securing its place as a standout asset in our portfolio.