Civitas Bishop Arts Mezzanine Fund, LP
Civitas Bishop Arts
Civitas Capital Group (“Civitas” or the “Firm“), via its multifamily development subsidiary, The Shelter Companies, LLC (“Shelter“), is developing a 169-bedroom, multifamily community (the “Project“) in the Bishop Arts District of Dallas, Texas. Civitas Bishop Arts was created as an EB-5 mezzanine debt and equity opportunity that will partially finance the development of the Project. The Project is located within a Targeted Employment Area (“TEA”) and therefore qualifies for the $800,000 minimum EB-5 investment.
- The Project will be just three blocks from the commercial and entertainment core of the Bishop Arts District.
- The Bishop Arts District is only 3.5 miles or 10 minutes from downtown Dallas and is a historical shopping district with over 60 boutiques, restaurants, coffee shops, bars, theaters, and art galleries.
- The neighborhood is one of Dallas' most walkable urban environment and easily accessible by trolley, bicycle lanes, and other public transit.
- The Project will target post-college renters that comprise a generation already accustomed to sharing and provide quality housing in a superior location at an attainable price.
- It will allow renters to live in the Bishop Arts submarket for as low as $1,075/month, a discount to the entry-level product in the market priced between $1,300 and $1,500.
- Furnished units and included utilities provide further ease of living and cost benefits compared to traditional multifamily.
- Consumer demand for this product was growing prior to the COVID-19 pandemic when there was little to no supply in many markets.
- Post COVID-19, demand is expected to continue increasing as renters value housing flexibility, and as income and inflation pressures make affordability a growing concern.
- 7.6MM MSA population1
- #1 largest MSA in Texas1
- #4 largest MSA in the U.S.1
- Zero state or local income tax
- 60% lower cost of living than the three U.S. metro areas
A Gateway to Economic Development
- #1 in the country for total job growth2
- #2 in the country for percent job growth2
- #2 busiest airport in the world3
- Home to 22 Fortune 500 companies4
- Dallas continues to attract more residents and visitors each year
1. U.S. Census Bureau, as of 2020. 2. Dallas Regional Economic Development Guide, 2021, data as of December 2015 to December 2020. 3. CNBC, “These are the top 10 busiest airports in the world—5 of them are in the U.S.”, April 2023. 4. Fortune Magazine, Fortune 500, 2021 ranking.
Location Demand Drivers1
Source: 1. CoOp at Bishop Offering Summary.
Bishop Arts District
- The Project is only a few blocks from the heart of the Bishop Arts District, a mecca of over 60 restaurants and shops and home to many independently-owned businesses.
- The Bishop Arts Streetcar station, which is operated by the Dallas Area Rapid Transit (“DART”), connects the Bishop Arts District with the national Amtrak railway system through the Eddie Bernice Johnson Union Station in Downtown Dallas.
- The Bishop Arts District is a charming urban neighborhood, where neighbors and visitors can enjoy strolling, eating, and shopping.
1. Project timeline is subject to change. 2. Renderings and samples are subject to change.
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