HOUSTON, TX – Civitas Capital Group, a Dallas-based global alternative investment manager offering niche opportunities in the US real estate market, has acquired Territory at Greenhouse, a 288 unit and 13 building luxury garden-style apartment complex in West Houston.
"We are very excited to acquire such an incredible project at a price below replacement cost and 98% rented despite the challenges posed by the COVID-19 pandemic," said Rootvik Patel, Investments Director at Civitas, who co-led the transaction his colleague Chandler Kyser. “Greater West Houston is a dynamic market with sustained population and income growth that is above the Houston MSA average. We look forward to being part of this thriving community through the takeover. "
Located between the West Houston Energy Corridor and Katy, the building, developed in 2020, is within a 20-minute drive of either downtown Houston or Sugar Land, one of America's premier suburbs. It is easily accessed from 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 a variety of asset classes including multi-family, hotel and senior housing facilities.
The Territory at Greenhouse, which closed on July 28, is the third apartment building Civitas has acquired in the past 30 days. On July 8th, Civitas acquired The Atlantic at Kessler Park, a 64-unit property in an upscale, up-and-coming area of southwest Dallas. On June 29, the company acquired Center Place Apartments, a 194-unit property in a growing North Texas suburb between Dallas and Fort Worth. Both are multi-family houses with added value.
"Center Place and Territory represent the next evolution in our multi-family multi-family acquisition strategy," said Jonathan Kern, President and Chief Investment Officer at Civitas. “All three of these investments testify to our focus on accessible living space, which is becoming increasingly scarce. Whether it's acquisitions like this or new developments, this is especially true for the DFW and Houston MSAs, two of the fastest. "Growing in the country."