SPRING, TX – Civitas Capital Group, a Dallas-based alternative investment manager offering niche opportunities in U.S. real estate, has acquired Cathedral Lakes, a 300-unit, Class “A” apartment complex in the highly attractive Greater Houston (Texas) market.
“This was our second multifamily acquisition in recent weeks, and we expect more execution of this core strategy for Civitas in 2022,” says Rootvik Patel, Investments Director for Civitas, who led the transaction along with colleague Chandler Kyser. “It’s yet another recent build, garden-style property with high-quality new construction in a fast-growing market.”
The property sits adjacent to the master-planned City Place development, is next to the affluent suburb The Woodlands, and is approximately 30 minutes north of downtown Houston. The surrounding community of Spring, Texas, features gorgeous parks, nightlife, high-end shops, restaurants, and the quaint city center of Old Town Spring.
The Houston MSA, home to 7.1 million residents, has experienced a population boom since 2010, adding more than 1.1 million people. This has drawn highly skilled labor and increased median household income to more than $100,000 (44% higher than the national MSA average) within a 5-mile radius of the property. Nearby headquarters include HP, Southwestern Energy, and Exxon Mobile.
Cathedral Lakes, which closed December 21, is the sixth multifamily property Civitas has acquired since this past summer, and the third in the Houston MSA (as well as the second in December alone).
Eric Celeste, Director of Communications
Civitas Capital Group is a nimble alternative investment manager, founded in 2009, offering compelling, niche opportunities in U.S. real estate. Civitas exists to create opportunities that enrich our communities, investors, and employees alike. Driven by relentless creativity, Civitas digs deeper to uncover opportunities that others miss. Follow Civitas Capital Group on LinkedIn. Read more.