The PPA Group, a multi-family focused commercial real estate investment and development firm, has acquired Citation North Apartment Homes in partnership with a private Israeli investment company. Grandbridge Real Estate Capital facilitated the deal. The 236-unit class C residence is located on eight acres in North Houston. Under its new ownership, the property will be renamed Highland Cross Apartments.

The acquisition is evidence of increasing international investor interest in Texas multifamily real estate in response to global macroeconomic factors and the robust economy in the United States.

"The current economic climate is driving a need for more affordable multifamily housing in Houston," said John A. Latham, CIO of The PPA Group. "We've been noticing this trend for nearly a year now. It's no surprise the international community is seeing it, too."

According to research released December 2016 by Greater Houston Partnership, from 2010 to 2014 Houston added nearly half a million jobs. The city has continued to post 12-month net job gains throughout 2015 and 2016. The service industry is among the largest growing sectors, with four out of five workers in the Houston area employed in a service field.

At the same time, homeownership is down nationwide in response the recent recession and real estate market crash. In 2015, the U.S. Census Bureau reported the share of the U.S. population who own homes had slid to 63.4 percent — a 48-year low. Millennials have contributed in large part to this decrease by renting 2.6 years longer on average than earlier generations according Zillow real estate data.

The combination of these key factors in has resulted in an increase in demand for Class C apartments in the local market and attracted global investors to Houston area real estate opportunities.

In the months following the acquisition, Highland Cross is poised to become even more attractive to the influx of Houstonians in search of affordable housing. The PPA Group plans to create value for both residents and investors by quickly and efficiently renovating units, addressing deferred maintenance, and upgrading the current amenity package. CLEAR Property Management will oversee all Highland Cross initiatives.