Source: Civitas Capital Group
SPRING, TX - Civitas Capital Group, a Dallas-based alternative investment manager offering niche opportunities in U.S. real estate, has acquired Cathedral Lakes, a 300-unit, Class "A" apartment complex in the highly attractive Greater Houston Texas market.
"This was our second multifamily acquisition in recent weeks, and we expect more execution of this core strategy for Civitas in 2022," says Rootvik Patel, Investments Director for Civitas, who led the transaction along with colleague Chandler Kyser. "It's yet another recent build, garden-style property with high-quality new construction in a fast-growing market."
The property sits adjacent to the master-planned City Place development, is next to the affluent suburb The Woodlands, and is approximately 30 minutes north of downtown Houston. The surrounding community of Spring, Texas, features gorgeous parks, nightlife, high-end shops, restaurants, and the quaint city center of Old Town Spring.
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 more than $100,000 (44% higher than the national MSA average) within a 5-mile radius of the property. Nearby headquarters include HP, Southwestern Energy, and Exxon Mobile.