HOUSTON, Aug. 2, 2021 /PRNewswire/ -- Civitas Capital
Group, a Dallas-based global
alternative investment manager offering niche opportunities in U.S.
real estate, has acquired Territory at Greenhouse, a 288-unit,
13-building, garden-style luxury apartment complex in West Houston.
Territory at Greenhouse in Houston
is the third multifamily property Civitas acquired in the past 30
days.
"We are extremely pleased to acquire such an incredible project
at below replacement cost and 98% leased despite the challenges
presented by the COVID-19 pandemic," says Rootvik Patel,
Investments Director for Civitas, who led the transaction along
with colleague Chandler Kyser. "The
Greater West Houston area is a
dynamic market with sustained population and income growth above
the Houston MSA's average. We are glad to become a part of this
thriving community through the acquisition."
Located between West Houston's
Energy Corridor and Katy, the property, developed in 2020, is
within a 20-minute drive from either downtown Houston or Sugar
Land, one of America's best suburbs. It is easily accessible
by Interstate 10, Beltway 8, and Grand Parkway. Nearby demand
drivers include Wood Group, BP America, Shell Oil Company,
ConocoPhillips, Gulf States Toyota, PCL Industrial Construction
Co., Citgo, Memorial Hermann Health System, Chase Bank, Houston Methodist West Hospital,
Katy Mills Mall, Cullen Park, and A+
rated Katy ISD schools.
Since 2015, Civitas has invested over $157 million in the Houston market across asset types, including
multifamily, hotel, and senior living facilities.
Territory at Greenhouse, which closed July 28, is the third multifamily property
Civitas acquired in the past 30 days. On July 8, Civitas acquired The Atlantic at Kessler
Park, a 64-unit property in an exclusive, burgeoning area of
southwest Dallas. On June 29, the firm acquired Center Place
Apartments, a 194-unit property in a growing North Texas suburb situated between
Dallas and Fort Worth. Both are value-add multifamily
properties.
"Center Place and Territory represent the next evolution of our
multifamily value-add acquisition strategy," says Jonathan Kern, President and Chief Investment
Officer at Civitas. "All three of these investments are indicative
of our focus on attainable housing, which is in increasingly short
supply. Whether you're talking about acquisitions like these or new
developments, this is especially true in the DFW and Houston MSAs,
two of the fastest-growing in the country."
Marcus & Millichap
represented the seller, Maple Creek Apartments LLC, and procured
Civitas as the property's buyer and Marcus & Millichap Capital
Corporation arranged buyer financing.
ABOUT CIVITAS CAPITAL GROUP
Civitas Capital Group is a global alternative investment
manager, founded in 2009, offering compelling, niche opportunities
in U.S. real estate. Civitas exists to create opportunities that
enrich our communities, investors, and employees alike. Driven by
relentless creativity, Civitas digs deeper to uncover opportunities
that others miss. Follow Civitas Capital Group on LinkedIn. Learn
more
at civitascapital.com.
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SOURCE Civitas Capital Group