HUMBLE, TX - Civitas Capital Group, a Dallas-based alternative investment manager offering niche opportunities in U.S. real estate, has acquired The Park at Tour 18, a 241-unit, Class "A" apartment complex in the highly attractive Greater Houston Texas market.
"Multifamily acquisition is a core strategy for Civitas in 2022," says Rootvik Patel, Investments Director for Civitas, who led the transaction along with colleague Chandler Kyser. "The combination of a stabilized property, high-quality new construction, and a fast-growing market made this a win-win for the developer and for Civitas."
Located 10 minutes east of George Bush Intercontinental Airport and 30 minutes northeast of downtown Houston, Texas, the property sits adjacent the Tour 18 Golf Course. The community is surrounded by beautiful views and conveniences, including restaurants, shopping centers, and parks. Community features include a nature trail, a two-story fitness center, a resort-style swimming pool, and attached garages in select units.
The Houston MSA, home to 7.1 million residents, has experienced a population boom since 2010, adding more than 1.1 million people. This has drawn highly skilled labor and increased median household income to over 11% above the national average.
The Park at Tour 18, which closed December 9, is the fifth multifamily property Civitas has acquired since this past summer and the second in the Houston MSA.
BHW Capital, the Houston-based developer of Park at Tour 18, was formed in 2012 by Martin Bronstein & Ralph Howard. It focuses on multifamily development opportunities in suburban infill locations targeting underserved locations across major Texas markets.
Bryan Tran, vice president at BHW Capital, said, "Park at Tour 18 is the third development BHW Capital has completed the full investment life cycle. Following the latest project's success, we plan on continuing to grow our multifamily development pipeline across high-growth Texas suburban markets."