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Civitas Capital Group Closes 240-Unit Multifamily Acquisition In Houston

Civitas Capital Group, a Dallas-based rea estate investment manager, has acquired Stonebridge at City Park, a 240-unit apartment complex in Houston, Texas. The price of the transaction was not disclosed.

“This is Civitas’ first multifamily acquisition in 2022, and our fourth acquisition in the Houston market in the past year,” said Rootvik Patel, managing director of Civitas, who led the transaction along with colleague Justin Temple. “With the employment growth we’ve seen in Texas markets like Houston, Dallas-Fort Worth, and Austin, coupled with a lack of supply, we think the multifamily space will continue to be a very attractive asset class for us in 2022 and beyond.”

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 over 10% of the national average. Stonebridge at City Park is the seventh multifamily property Civitas has acquired since this past summer.


Inside The Story

Civitas Capital Group

About Erik Hamilton

Erik Hamilton, who has more than 15 years in CRE journalism, is a former staff writer with the Los Angeles Times and the Orange County Business Journal. In addition to The Times and the OCBJ, he was also a reporter and editor for Crittenden Research, The San Bernardino Sun and UPI. Erik also worked six years in CRE public relations with Los Angeles-based Hoyt Organization, where he was a Senior Account Executive. He later joined Lee & Associates where he served as the Director of Corporate Communications. There ,in addition to his work with Lee’s CEO, he managed 57 offices nationwide and provided PR, social media and media training for the offices. A graduate of UC Irvine, with a BA in history, he is an avid record collector where he continues to search for a rare Joy Division single.

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