BHW Sells Houston Project to Civitas, Market briefs

In Houston, BHW Capital, a Houston-based multifamily developer, recently completed the sale its 241-unit Park at Tour 18 apartments, located in the Humble/Kingwood/Lake Houston submarket of northeast Houston.

The mid-rise multifamily community was purchased by Dallas-based Civitas Capital Group, which has been focused recently on acquisitions in the Houston market.

The Park at Tour 18, completed in 2020, benefitted from a timely lease-up and was named as a finalist in the competition for “New Development Mid-Rise Apartment of Year” by the Houston Apartment Association.

Dallas-based Civitas Capital Group purchased the asset at the end of 2021 for an undisclosed price.

The Park at Tour 18 is the third award-winning ground-up development completed by BHW Capital. The property was named a finalist for 2020 New Development Mid-Rise Apartment of Year by the Houston Apartment Association.

“Combining the unique golf-course setting with luxury community amenities and a strategic location within the Humble/Atascocita area, Park at Tour 18 experienced a successful lease-up to stabilization despite the COVID-19 headwinds in 2020” said Bryan Tran, vice-president of BHW Capital.

Formed in 2012 by Situs founders Martin Bronstein & Ralph Howard, BHW Capital focuses on multifamily development opportunities in suburban infill locations targeting underserved locations across major Texas markets.

BHW Building Yet Another

In Bhw Capital is currently under construction on their fourth ground, up project, Park on Napoli, a 239-unit multifamily development located in the Vintage Park submarket of Northwest Houston.

“Park on Napoli represents BHW’s continuing evolution of luxury multifamily development” said Matthew Bronstein, vice president of BHW Capital. “As the work from home trend continues to grow, we focused on designing an apartment project with the amenities and unit finishes to meet the changing needs of today’s apartment renters.”

Civitas Buying Spree

After closing the Park at Tour 18 deal in mid-December, Civitas just closed another purchased in Spring, north of Houston: the Cathedral Lakes, a 300-unit, apartment complex at 698 Basilica Bay Dr.

“This was our second multifamily purchase in recent weeks,” said Rootvik Patel, Investments Director for Civitas, who led the transaction with Chandler Kyser. “Multifamily purchase is a core strategy for Civitas in 2022,”

The Houston MSA, home to 7.1 million residents, has experienced a population boom since 2010, adding more than 1.1 million people. This has drawn highly skilled labor and increased median household income to over 11 percent above the national average.

Occupancy has been strong in Houston and rents went up about 16 percent last year.