Civitas Capital Group Buys 287-Unit Asset Near Houston
The company expects similar acquisitions in the next year.
Civitas Capital Group has purchased Cypresswood Apartments, a 287-unit multifamily asset in Spring, Texas, in an off-market transaction. The seller was Fidelis Realty.
Located at 708 E. Cypresswood Drive, the 12.2-acre property is near Interstate 45 placing it roughly 22 miles north of downtown Houston. The surrounding area has restaurants, parks, nightlife and high-end retailers as well as proximity to the city center of Old Town Spring. Large employers such as HP, Southwestern Energy and Exxon Mobile are headquartered within a 5-mile radius.
Completed earlier this year, Cypresswood comprises one- to three-bedroom apartments across 10 two- and three-story buildings, according to Yardi Matrix data. Amenities include a resort-style pool, 24-hour fitness center, dog park and clubhouse.
This purchase marks Civitas’ fifth addition to its Houston portfolio over the past 18 months and its second Spring property; earlier this year, the firm purchased a 300-unit community located some 7 miles from Cypresswood Apartments.
Rootvik Patel, investments director for the company, mentioned in prepared remarks that Civitas expects more similar acquisitions in the next year as they align with the company’s core investment strategy, expressing confidence in Greater Houston as a fast-growing market.