Citymark and InterCapital Group buy Houston apartment property
By: Iris Dorbian
Source: The PE Hub Network
Houston, TX - November 5, 2018
Citymark Capital and InterCapital Group has acquired Houston-based Thornbury Apartments, a 408-unit apartment community. No financial terms were disclosed.
CLEVELAND – National real estate private equity fund manager Citymark Capital has partnered with InterCapital Group, a Houston-based real estate owner and operator, to acquire Thornbury Apartments, a 408-unit apartment community located in Houston. The property is located in the Northwest Houston submarket near numerous employers, retail establishments, and recreational destinations.
This is the ninth transaction Citymark Capital has closed since inception bringing the total number of units in the portfolio to 2,500 and approximately $380 Million assets under management (AUM).
“This transaction is Citymark’s fourth partnership with InterCapital Group and is in line with our strategy of working with best-in-class real estate operators with long track records of success,” said Dan Walsh, founder and chief executive officer of Citymark Capital. “The acquisition of Thornbury aligns with our national platform of investing in institutional quality apartments in leading U.S. markets and taking a disciplined approach to generating solid returns for our investors.”
Citymark Capital also owns multifamily properties in Atlanta, Dallas, Las Vegas, Northern New Jersey, Orlando and Phoenix.
About Citymark Capital
Citymark Capital is a national real estate private equity fund manager that invests in market rate, institutional-quality multifamily rental properties in the top U.S. markets where strong demand for existing and new properties is driven by population growth, household formation, and job growth. Citymark Capital creates value for its fund investors by providing joint venture equity to top multifamily operating companies across the country.
About InterCapital Group
InterCapital Group is a Houston-based real estate owner and operator, specializing in the acquisition, redevelopment, repositioning, and sale of institutional quality multifamily assets in the U.S.