HOUSTON, TX – Civitas Capital Group, a Dallas-based global alternative investment manager offering niche opportunities in U.S. real estate, has bought Territory at Greenhouse, a 288-unit, 13-building, garden-style luxury apartment complex in West Houston.
“We are extremely pleased to buy such an incredible project at below replacement cost and 98% leased despite the challenges presented by the COVID-19 pandemic,” says Rootvik Patel, Investments Director for Civitas, who led the transaction along with colleague Chandler Kyser. “The Greater West Houston area is a dynamic market with sustained population and income growth above the Houston MSA’s average. We are glad to become a part of this thriving community through the acquisition.”
Located between West Houston’s Energy Corridor and Katy, the property, developed in 2020, is within a 20-minute drive from either downtown Houston or Sugar Land, one of America’s best suburbs. It is easily accessible by Interstate 10, Beltway 8, and Grand Parkway. Nearby demand drivers include Wood Group, BP America, Shell Oil Company, ConocoPhillips, Gulf States Toyota, PCL Industrial Construction Co., Citgo, Memorial Hermann Health System, Chase Bank, Houston Methodist West Hospital, Katy Mills Mall, Cullen Park, and A+ rated Katy ISD schools.
Since 2015, Civitas has invested over $157 million in the Houston market across asset types, including multifamily, hotel, and senior living facilities.
Territory at Greenhouse, which closed July 28, is the third multifamily property Civitas bought in the past 30 days. On July 8, Civitas bought The Atlantic at Kessler Park, a 64-unit property in an exclusive, burgeoning area of southwest Dallas. On June 29, the firm bought Center Place Apartments, a 194-unit property in a growing North Texas suburb situated between Dallas and Fort Worth. Both are value-add multifamily properties.
“Center Place and Territory represent the next evolution of our multifamily value-add acquisition strategy,” says Jonathan Kern, President and Chief Investment Officer at Civitas. “All three of these investments are indicative of our focus on attainable housing, which is in increasingly small supply. Whether you’re talking about acquisitions like these or new developments, this is especially right in the DFW and Houston MSAs, two of the fastest-growing in the country.”

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TOLEDO, OH – Welltower announced the expansion of its relationship with Oakmont Management Group. Through the acquisition of new management contracts, the partnership is expected to roughly double the size of Welltower and Oakmont’s existing portfolio by the end of the third quarter in affluent markets across California.
Welltower has also signed a long-term exclusive development agreement with Oakmont. Through this agreement, both organizations will invest significant capital and resources to build, own and operate Class A communities to serve the seniors housing resident of the future, with a focus on highly specialized programming and resident health and wellness. Oakmont and Welltower expect to grow the partnership’s footprint significantly over the next decade. The partnership will leverage Welltower’s data analytics platform and innovative access to health and wellness partners and Oakmont’s best in class operating platform. Additionally, the two companies have agreed to a strongly aligned RIDEA 3.0 management contract.
In a recently completed transaction, Oakmont and Welltower bought Ivy Park at Otay Ranch, an helped living and memory care community in San Diego, California. Ivy Park is the first of Oakmont’s new brand, Ivy Living, which builds upon decades of operational excellence providing Oakmont the flexibility to pursue opportunities that have a different built environment.
“Oakmont Management Group is thrilled to be in this long-term partnership with Welltower and we firmly believe that our operating acumen combined with Welltower’s significant edge in data analytics will make a formidable team,” said Courtney Siegel, Oakmont President and CEO. “Welltower is a partner of choice in the seniors housing sector and we look forward to expanding our relationship in the years to come.”
“We are delighted to announce the expansion of our partnership with Courtney and the Oakmont Management Group team through this exclusive agreement,” said Shankh Mitra, Welltower’s CEO and CIO. “Oakmont is one of Welltower’s strongest performing operating partners. Courtney and her team are not only best in class operators but are also right partners. I could not be more excited to significantly grow our relationship through acquisition and development in California and other western states over the next decade.”

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TUCKER, GA – CREC Real Estate announced it has partnered with McDowell Properties to buy Somerset at the Crossings Apartments, a 264-unit, Class-B, multifamily community located in the northeast Atlanta suburb of Tucker, Georgia. Terms of the transaction were not told.
Built in 1987, the property, which consists of 28 two-tale buildings and features 1, 2, and 3-bedroom apartments, was over 98% occupied at the time of acquisition. CREC and McDowell intend to make value-add improvements, similar in scale to those completed at nearby properties, including amenity upgrades, common-area beautification, and unit-interior remodels. The interior improvements will involve upgrades such as stainless-steel appliances, washer and dryer installations, and new cabinets.
“Somerset represents our second acquisition within the Atlanta metro over the past 12 months and a fantastic addition to our value-add investment platform, which has experienced in excess of $200 million of transaction volume over the past year and a half,” said Joe Bergman, Senior Vice President of Acquisitions at CREC. “Like many of CREC’s previous acquisitions, our strategy at Somerset is to enhance the marketability of the property through targeted capital improvements, which we believe will be well received by existing and prospective residents and supported by the demographics of the area. Tucker and the greater Atlanta metro, in general, continue to experience strong job and population growth, which we believe will continue to increase the demand for high-quality rental housing.”
Located at 100 Summerwalk Parkway, the complex is 17 miles northeast of Atlanta, straddling the border of Gwinnett and DeKalb counties. The two counties combined have experienced 34% population growth over the past two decades, and the Atlanta metro was ranked by RealPage as the national leader for apartment demand over the 12 months ending in March 2021. Somerset is in close proximity to employment centers, retail destinations, and entertainment venues, including the North Royal Atlanta Business Park and downtown Tucker, a destination for boutique shops and eateries.

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