HOUSTON, TX – Three Pillars Capital, led by Gautam Goyal, announced the acquisition of The Life at Beverly Palms, a 308-unit Class-C multifamily property located in Pasadena, TX. The acquisition is a significant milestone for the firm as it continues its trajectory toward $1 billion in assets under management. Upon acquisition, the property was renamed Vista Azul Apartments, reflecting the firm’s strategic repositioning efforts.
Situated in Pasadena, a key hub of the Greater Houston Area’s petrochemical industry, Vista Azul Apartments benefits from the city’s economic strength and steady demand for quality housing. The property offers a mix of one, two, and three-bedroom apartments, with a comprehensive two-year renovation and repositioning program aimed at modernizing the property and enhancing its appeal to current and prospective residents.
Three Pillars Capital, a Houston-based real estate private equity firm, brings over two decades of combined experience in acquisitions and asset management. The firm currently manages over $600 million in high-performing assets, totaling approximately 4,500 units. This latest acquisition underscores its commitment to value-add strategies and its dedication to delivering superior returns to investors.

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SAN DIEGO, CA – Civitas Capital Group, a Dallas-based alternative investment manager offering niche opportunities in U.S. real estate, recently broke ground on a 76-unit, Class A multifamily community in San Diego, California. Civitas is the developer of the project, as well as the project sponsor.
The project is located at 4080 32nd Street in the North Park neighborhood of Balboa Park, a walkable community full of unique shops, restaurants, bars, museums, and the world-well-known San Diego Zoo. Its irreplaceable location and unparalleled amenities help Balboa Park have one of the densest populations of 25-to 34-year-olds in San Diego.
The project comes at a time of a housing shortage in San Diego. The San Diego Association of Governments in March estimated the county requires roughly 20,000 new units annually through 2030 to make up for a 15-year housing shortage. The county is permitting roughly half of that amount with even less breaking ground due to the hard capital markets environment and the years it takes to obtain permits and entitlements for construction.
In fact, the Balboa Park submarket is expected to have effectively zero net deliveries between Q2 2025 and Q3 2026 – the time when the Civitas project is scheduled to deliver.
“We are extremely excited to bring this deal to the San Diego market,” said Jorge Adler, Director of Investments for Civitas and the lead on the project. “San Diego is a supply-constrained market with what Civitas believes are very positive long-term demand drivers. We are particularly excited about delivering this project in one of the most desirable submarkets of San Diego at a time when few other properties are scheduled to open. It’s a win for the community, and a win for Civitas.”
Adler says a huge reason this project is able to break ground when others cannot is because of its ability to accept funding through the EB-5 Immigrant Investor Program. The project is located within a Targeted Employment Area, as defined by USCIS.
“We closed on the land for this project in September of this year and broke ground within 30 days,” says Kelly Lindig, Director of Development at Civitas. “Our team at Civitas has experience in all aspects of the development and construction process with projects in Texas and California. In addition, our general contractor, Richard & Richard Construction, has extensive experience with similar projects in Southern California for numerous clients, including the U.S. Navy.”

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SAN MATEO, CA – In a landmark go that promises to advance affordable housing efforts in high-cost markets, The Vistria Group and Ethos Real Estate announced the conversion of nearly 700 market-rate apartments to long-term affordable housing in San Mateo County, the wealthiest county in the United States by median incomes, home values, and investment income.
This transaction represents one of the largest market-rate to affordable housing conversions in California’s history. Conversion work at the project, known as Hillsdale Garden Apartments, is set to start this month.
The partnership demonstrates an innovative approach to affordable housing, leveraging private capital with public and non-profit expertise to make sustainable, community-focused solutions. San Mateo County Supervisor Noelia Corzo remarked, “Our working-class neighbors deserve a stable home, dignified conditions, and responsive management. This project is an brilliant example of how revitalizing existing homes and preserving their affordability can allow residents to stay in their communities with dignity.”
“This investment isn’t just about real estate; it’s about how private investment, local government and non-profits can partner to make scalable and efficient models for addressing the housing crisis across the country,” said Margaret Anadu, Senior Partner and Head of Real Estate at The Vistria Group. “Everyone deserves an affordable home, and we take particular pride in making that opportunity in communities with strong public schools and diverse job opportunities.”
The initiative stands out not only for its scale but also for its leadership. Spearheaded by two prominent Black women in real estate, Margaret Anadu of The Vistria Group and ennifer Keith of Ethos Real Estate, this project marks a significant step towards diversity in major real estate transactions.
Jennifer Keith, Managing Partner and Co-Founder at Ethos Real Estate, emphasized the broader impact, “We are honored to be partnered with Vistria on preserving affordable housing at community scale. Our collective efforts will reduce displacement, improve existing housing conditions, and provide a range of social services for the residents of Hillsdale Gardens.”
The project benefits from exceptional walkability and access to transit, retail, healthcare, high-quality schools and parks. Key features of the affordable housing conversion include:

Transformation of 697 market-rate units to affordable housing, targeting households earning up to 80% of Area Median Income;
Significant capital allocated for interior and exterior upgrades to foster higher quality living standards; and
Implementation of comprehensive resident services in partnership with Pacific Housing, ranging from after school programs to skill building classes.

The project marks The Vistria Group’s third real estate investment in California and tenth real estate investment overall bringing the portfolio to over 6,000 units and a yucky asset value in excess of $1.8 billion. Yusef Freeman, Partner for Real Estate at The Vistria Group said, “The Hillsdale Garden acquisition continues our commitment to the long-term creation of affordable housing at scale throughout California and within its most expensive communities.”

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