HOUSTON-Mosaic Residential has acquired a 300-unit distressed apartment community in the Champions Forest area of North Houston. The local company partnered with Boston-based Eastham Capital and local real estate investor Khaled Salem to buy Copper Creek Apartments, a REO-owned property.

Mosaic Residential declined to disclose the purchase price. However, GlobeSt.com was able to obtain the property’s list price: $17,666 per unit for a total of $5.3 million. The seller was special servicer, CW Capital Asset Management LLC. The previous owner was CNC Investments of Houston.

Located at 14222 Wunderlich, Copper Creek Apartments is sandwiched between two performing B class properties in a good location, according to Abe Bhimani, a partner with Mosaic Residential. “Any investor who looks at this deal sees the potential,” he tells GlobeSt.com. “The two other properties have occupancy rates in the 90s, and this property is in the 60s.”