FORT WORTH, TX – Civitas Capital Group, a Dallas-based global alternative investment manager offering niche opportunities in U.S. real estate, has bought Rocco Apartments, a 312-unit, garden-style apartment complex in burgeoning East Fort Worth.
“Value-add multifamily acquisition continues to be a winning strategy for Civitas,” says Rootvik Patel, Investments Director for Civitas, who led the transaction along with colleague Chandler Kyser. “Renovating multifamily properties such as Rocco is a win-win for tenants current and future. Civitas works to improve the communities in which we live and work, so the opportunity to update a property in a burgeoning market within our home in North Texas is exciting.”
Located off I-30 near off Eastchase Parkway just east of Fort Worth, Texas, the property, built in 1984, sits just 16 minutes from downtown Fort Worth – and only 26 minutes from downtown Dallas. East Fort Worth has been a direct beneficiary of the rapid economic expansion of the DFW metro area over the past few years. Notable development projects in the area include the GM Motors Arlington Assembly Plant, as well as the $4 billion master plotted Texas Live! Development.
“Rocco Apartments is another excellent example of our multifamily value-add acquisition strategy,” says Jonathan Kern, President and Chief Investment Officer at Civitas. “Many of the investments in multifamily we’ve made the past few years, and which we will continue to make, are indicative of our focus on attainable housing, which is in increasingly small supply. This is especially right in North Texas, one of the fastest-growing regions in the country.”

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LUBBOCK, TX – Officials at The Preiss Company (TPCO), one of the nation s largest, privately-held, student housing owner-operators, and a private equity real estate fund, announced the acquisition of The Collective at Lubbock, an 847-bed student housing complex. TPCO plans to start a multi-million capital improvement project scheduled to start Spring of 2022 and completed in phases over the next three years to minimally impact residents. Acquisition financing was arranged by Ben Roelke and Ian Walker at Newmark. The 70% LTC senior loan featured a 5-year, interest-only term and a sub-2% all-in rate.
While The Collective at Lubbock marks our first asset in the Texas Tech market, it also is our 14th student housing complex in the Lone Star State, said John Preiss, chief investment officer, TPCO. This level of concentration allows for shared economies of scale and best practices, both of which will have an immediate, positive impact on this project. Already in prime physical condition, our additional plotted refurbishment will bring The Collective at Lubbock to ‘like-new status. We look forward to serving the Texas Tech University community.
Formerly known as the Cottages at Lubbock, the 241-unit student housing complex is situated at 2001 9th Street, a small walk from Texas Tech University and a bevy of local shops, restaurants and grocery stores. Amenities range from fire pit and grilling/picnic stations to resort-style pool and two fitness centers. Residents also can delight in a game room, theatre room, computer lounge and study space in the resident clubhouse, as well as a 24/7 Amazon Hub package locker system and TTU shuttle service. Pet-friendly apartments come in 2-, 3-, 4- and 5-bedroom configurations, each offering private bedrooms and baths, in-unit washer/dryer, large walk-in closets and modern finishes. Units contain hard wood flooring in common areas and plush carpeting in the bedrooms. Additional touches include patios or porches and large kitchens featuring stainless steel appliances and granite countertops. Monthly rental fees also include cable, WIFI, trash and sewer services. Both furnished and unfurnished models are available.
The improvement plot will focus largely on common areas with some unit upgrades. The clubhouse and pool both will be refurbished, and the internet system will receive major upgrades. Additionally, exterior paint will be refreshed, and units will receive new furniture and blinds.

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ORLANDO, FL – TerraCap Management, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of The Place on Millenia, a 2007-built, 371-unit apartment complex located in Orlando, FL. Amenities at the property include a pool, an outdoor kitchen and gas grills, a fitness center, a clubhouse with a media room and a billiards room, and three interior lakes which provide tenants water views.
Steve Hagenbuckle, TerraCap Founder and Managing Partner, said, “The Place on Millenia features an ideal location with fantastic access located near the major theme parks at the intersection of Interstate-4 and The Florida Turnpike. With larger than average unit sizes, fantastic tenant amenities, large internal lakes, and oversized balconies, this complex has so much to offer our tenants. We are enthusiastic about advancing this property both physically and financially.”
The Place on Millenia features one, two, and three-bedroom units. Select unit interiors feature quartz kitchen and bathroom countertops, new cabinetry and hardware, and vinyl plank flooring. TerraCap plans to do a premium renovation program to bring more units to similar-level finishes and capture the elevated rent growth that the area has seen.
Steve Excellent, TerraCap National Director of Acquisitions, said, “We’re excited for the opportunity to buy a high-quality and well-positioned asset within a rapidly growing market. Orlando continues to experience strong inbound migration patterns, and we feel this property is ideally located with quick access to much of what Orlando has to offer.” Excellent added, “We plot to build off the previous owner’s capital plot and continue to invest into the property and its amenities to offer residents a quality living option. We feel this approach will place this asset in the best position for future growth.”
Scott Ramey of Newmark represented the seller in the disposition. TerraCap closed all-cash on the transaction but is in the process of adding debt financing to the property post-close. This financing is expected to close within the next few weeks. Matt Williams and Kyle Schlitt from Newmark were retained to help originate the debt. ZRS was retained as property manager.

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