FORT WORTH, Texas, Nov. 30, 2021 /PRNewswire/ -- Civitas
Capital Group, a Dallas-based
global alternative investment manager offering niche opportunities
in U.S. real estate, has acquired Rocco Apartments, a
312-unit, garden-style apartment complex in burgeoning East Fort Worth.
"Value-add multifamily acquisition [is] a winning strategy for
Civitas," says Investments Director Rootvik Patel
"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 planned Texas Live!
Development.
Rocco Apartments, which closed November
5, is the fourth multifamily property Civitas has acquired
since this summer.
"Rocco Apartments is another good 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 short supply. This is especially true in North Texas, one of the fastest-growing
regions in the country."
ABOUT CIVITAS CAPITAL GROUP
Civitas Capital Group is a global alternative investment manager,
founded in 2009, offering compelling, niche opportunities in U.S.
real estate. Civitas exists to create opportunities that enrich our
communities, investors, and employees alike. Driven by relentless
creativity, Civitas digs deeper to uncover opportunities that
others miss. Follow Civitas Capital Group on LinkedIn. Learn
more at civitascapital.com.
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SOURCE Civitas Capital Group