Current EB-5 Project

Civitas Bishop Arts Mezzanine Fund, LP

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 Mezzanine Fund, LP (the “Fund”) is an $800,000 EB-5 debt opportunity that will partially finance the development of the Project.

Project Summary

  • 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 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.

Project Location

Dallas, Texas

Dallas is a modern and sophisticated city that continues to attract more residents and visitors each year. The cost of living in Dallas is 60% lower than the three largest U.S. metros areas of San Francisco, New York, and Los Angeles, allowing for more spending power.1 No state or local income tax contributes to more disposable income for Dallas employers and employees.

Located in the center of the United States, Dallas is a fast-growing business and logistics hub, with the 2nd-busiest airport in the world, making any North American market accessible by air in four hours or less.2 Dallas is the 9th-largest city and the 4th-largest metropolitan area in the U.S.2 Dallas spans approximately 340 square miles with many diverse neighborhoods, including the Bishop Arts District, Trinity Groves, Deep Ellum, and Uptown.

The Project is located within a Targeted Employment Area (“TEA”) and therefore qualifies for an $800,000 minimum EB-5 investment.


  • 7.6MM MSA population3
  • #1 in the country for total job growth4
  • #2 in the country for percent job growth4
  • #1 largest MSA in Texas3
  • #4 largest MSA in the U.S.3
  • Home to 22 Fortune 500 companies5

Sources: 1. Dallas Regional Chamber, Why Dallas flyer, 2021. 2. Airports Council International/Community Impact Newspaper, 2021. 3. U.S. Census Bureau, as of 2020. 4. Dallas Regional Economic Development Guide, 2021, data as from December 2015 to December 2020. 5. https://fortune.com/fortune500/, 2021 list, Dallas MSA.


Location Demand Drivers

Demand Drivers1

A

Bishop Arts District

60+ restaurants, retailers

B

Sylvan 30

16 restaurants, retailers

C

Trinity Groves

Restaurants, retail, shops, event spaces

D

Downtown Dallas

92,000 employees, 420 restaurants and bars, 170 shops

E

Deep Ellum

20+ music venues, 60+ restaurants, 30+ shops

F

Arts District

68-acres, museums, opera house, theaters

G

Uptown Dallas

84,000 employees

H

West Village

88 retail, restaurants, entertainment

I

Knox District/Henderson Ave

Urban retail, dining, living, 1.1MM+ SF high-end retail space

J

Dallas Love Field Airport

Southwest Airlines corporate office, 8,600 on-site employees

K

Design District

370+ restaurants, shops, art/design showrooms

L

Medical District

390-Acre medical complex, 27,000+ employees


Bishop Arts District


Project Timeline


Job Creation

Job Requirement1

  • Job requirement is 160-290 jobs (8-21 investors in the Fund at 10 jobs per investor, and 8 investors in the EB-5 equity position at 10 jobs per investor)

Expected Total Job Count2

  • Independent, third-party econometric consultant estimates that the Project will create 358 jobs or 123-224% of the minimum job requirement, resulting in a significant cushion
  • Construction activity should satisfy 327 jobs or 113-204% of the requirement; another 31 jobs or 11-19% of the requirement are expected from operations

1. Capital structure, investment size, and job requirement are current estimates and subject to change. 2. Job creation estimates are calculated using RIMS II, Regional Input-Output Modeling System. RIMS II is a tool provided by the Bureau of Economic Analysis (BEA) to help economists and researchers analyze the potential impacts of economic activities on regional economies.


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Civitas EB-5 Capital Brochure