SPRING, TX - Civitas Capital Group, a Dallas-based alternative investment manager specializing in niche opportunities in U.S. real estate, has acquired Cypresswood Apartments, a three-story, 287-unit garden-style apartment community in the highly attractive Greater Houston Texas) market.
"It's a recent build, garden-style property with high-quality new construction in a fast-growing market," says Rootvik Patel, Investments Director for Civitas, who led the transaction along with colleague Chandler Kyser. "We expect more acquisitions of this type in the year ahead, as it perfectly aligns with our core multifamily strategy moving forward."
Cypresswood is Civitas's fifth acquisition in the Houston MSA in the past 18 months and further represents the firm's belief that Texas is a high-growth market. The property, which began leasing in January, is in a booming Houston submarket. Cypresswood features a resort-style pool, a 24-hour fitness center, a dog park and dog wash, and a beautiful clubhouse across its 12.2 acres.
The property is a short drive from the affluent suburb The Woodlands, and is approximately 30 minutes north of downtown Houston. It sits just south of the well known master-planned City Place development. 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.