SAN ANTONIO, TX - Civitas EB-5 Capital, a leading sponsor of institutional-quality EB-5 investments nationwide, today announced that it has closed on an $11 million equity investment in partnership with Argyle Residential to develop a 4-story, Class A wrap-style, 302-unit multifamily development in San Antonio's Lower Broadway District.
"This marks our foray into the San Antonio market," said Civitas Vice President Doug Conner. "We're really excited as we have been diligently searching for the right partner and project in the city for some time now. We've found both with Argyle Residential and the Rivera project."
Ideally located north of the San Antonio central business district – a rapidly developing urban area – Rivera is surrounded by a number of major employers, three universities, three hospitals and a U.S. military base. In an effort to encourage development throughout San Antonio's Lower Broadway District, the city has supported the project through its Center City Housing Incentive Program.
"Our partnership with Civitas enables us to build a best-in-class development along the bustling Broadway corridor," noted Argyle Residential Managing Director John Burnham. "We hope Rivera sets the bar for high-quality, urban living in San Antonio."
Through its EB-5 Capital division, Civitas is the manager of 14 Regional Centers throughout the United States, which have funded or are in the process of providing hundreds of millions of dollars of EB-5 capital to a range of projects. The projects have created thousands of jobs in the communities where they are located. Earlier this year, Civitas secured approval to operate Regional Centers in Atlanta, Denver, Miami, Washington DC, San Francisco, Los Angeles, and New York City. The company is the exclusive EB-5 partner for the Texas cities of Dallas, Fort Worth, Laredo, and El Paso.