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.
This article is a reprint from an independent third-party, and Citymark cannot guarantee or ensure the accuracy of the information provided. This is not an offer or solicitation. The general information discussed is not a guarantee, prediction, or projection of future performance. There are risks associated with investing in real estate assets, such as inflation, interest rates, real estate tax rates, changes in the general economic climate, local conditions such as population trends and neighborhood values, and supply and demand for similar property types. Investing in real estate does carry the risk of loss to your investment.
The article may contain forward-looking statements identified by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive.
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