Source: Civitas Capital Group
FORT WORTH, TX - Civitas Capital Group, a Dallas-based global alternative investment manager offering niche opportunities in U.S. real estate, has acquired Rocco Apartments, a 312-unit, garden-style apartment complex in burgeoning East Fort Worth.
"Value-add multifamily acquisition continues to be a winning strategy for Civitas," says Rootvik Patel, Investments Director for Civitas, who led the transaction along with colleague Chandler Kyser. "Renovating multifamily properties such as Rocco is a win-win for tenants current and future. Civitas works to improve the communities in which we live and work, so the opportunity to update a property in a burgeoning market within our home in North Texas is exciting."
Located off I-30 near off Eastchase Parkway just east of Fort Worth, Texas, the property, built in 1984, sits just 16 minutes from downtown Fort Worth – and only 26 minutes from downtown Dallas. East Fort Worth has been a direct beneficiary of the rapid economic expansion of the DFW metro area over the past few years. Notable development projects in the area include the GM Motors Arlington Assembly Plant, as well as the $4 billion master planned Texas Live! Development.
"Rocco Apartments is another good example of our multifamily value-add acquisition strategy," says Jonathan Kern, President and Chief Investment Officer at Civitas. "Many of the investments in multifamily we've made the past few years, and which we will continue to make, are indicative of our focus on attainable housing, which is in increasingly short supply. This is especially true in North Texas, one of the fastest-growing regions in the country."