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.