HOUSTON, TX - Civitas Capital Group, a Dallas-based global alternative investment manager offering niche opportunities in U.S. real estate, has acquired Territory at Greenhouse, a 288-unit, 13-building, garden-style luxury apartment complex in West Houston.
"We are extremely pleased to acquire such an incredible project at below replacement cost and 98% leased despite the challenges presented by the COVID-19 pandemic," says Rootvik Patel, Investments Director for Civitas, who led the transaction along with colleague Chandler Kyser. "The Greater West Houston area is a dynamic market with sustained population and income growth above the Houston MSA's average. We are glad to become a part of this thriving community through the acquisition."
Located between West Houston's Energy Corridor and Katy, the property, developed in 2020, is within a 20-minute drive from either downtown Houston or Sugar Land, one of America's best suburbs. It is easily accessible by Interstate 10, Beltway 8, and Grand Parkway. Nearby demand drivers include Wood Group, BP America, Shell Oil Company, ConocoPhillips, Gulf States Toyota, PCL Industrial Construction Co., Citgo, Memorial Hermann Health System, Chase Bank, Houston Methodist West Hospital, Katy Mills Mall, Cullen Park, and A+ rated Katy ISD schools.
Since 2015, Civitas has invested over $157 million in the Houston market across asset types, including multifamily, hotel, and senior living facilities.
Territory at Greenhouse, which closed July 28, is the third multifamily property Civitas acquired in the past 30 days. On July 8, Civitas acquired The Atlantic at Kessler Park, a 64-unit property in an exclusive, burgeoning area of southwest Dallas. On June 29, the firm acquired Center Place Apartments, a 194-unit property in a growing North Texas suburb situated between Dallas and Fort Worth. Both are value-add multifamily properties.
"Center Place and Territory represent the next evolution of our multifamily value-add acquisition strategy," says Jonathan Kern, President and Chief Investment Officer at Civitas. "All three of these investments are indicative of our focus on attainable housing, which is in increasingly short supply. Whether you're talking about acquisitions like these or new developments, this is especially true in the DFW and Houston MSAs, two of the fastest-growing in the country."