Source: Citivas Capital Group
HOUSTON, TX - Civitas Capital Group, a Dallas-based alternative investment manager offering niche opportunities in U.S. real estate, has acquired Stonebridge at City Park, a 240-unit apartment complex in Houston, Texas.
"This is Civitas' first multfamily acquisition in 2022, and our fourth acquisition in the Houston market in the past year," says Rootvik Patel, Managing Director for Civitas, who led the transaction along with colleague Justin Temple. "With the employment growth we've seen in Texas markets like Houston, Dallas-Fort Worth, and Austin, coupled with a lack of supply, we think the multifamily space will continue to be a very attractive asset class for us in 2022 and beyond."
Stonebridge at City Park, built in 2004, sits just 15 minutes from downtown Houston. The property is near major demand drivers such as Texas Medical Center, the largest medical city in the world with more than 60 medical institutions, 10 million patient interactions, and over 100,000 employees.
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 10% of the national average.
Stonebridge at City Park is the seventh multifamily property Civitas has acquired since this past summer. Renovation will be underway soon to enhance this value-add acquisition.