Nitya Capital buys portfolio for $400 million
Nitya Capital acquired a portfolio of 11 multi-family properties, totaling nearly 3,000 units, across the United States for $400 million. The strengths are in large, growing metropolitan areas, including Dallas; Vegas; Indianapolis; Los Angeles; Nashville, TN; and North Carolina.
The purchase includes three residential properties in Texas: the 116 Monticello Apartments, located at 154 N. Bailey Ave. in Fort Worth; the 192-unit reservation at Turtle Creek, located at 2500 Brown Blvd. in Arlington; and the 264-unit Redgate, located at 812 Brown Blvd. in Arlington.
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“As these are value-added properties, Nitya Capital plans to make physical improvements to all assets. Sister Company KPM property management will oversee the operations and management of the properties. Nitya Capital is actively seeking to acquire new properties in high growth areas nationwide, particularly the Sun Belt region, in order to present more opportunistic offers to our investors,” said Swapnil Agarwal, CEO of Nitya Capital . Multi-Accommodation News.
Both the company and the seller were represented in the transaction by Secure Eastdil.
Nitya Capital Growth
The acquisition of Nitya Capital follows its expansion in late 2021 and early 2022 into other high-growth markets, including Jacksonville and Orlando, Florida; Phoenix; College Station, Texas; Colorado Springs, Colorado; and Boone, North Carolina
In February 2021, the company purchased the Raven Portfolio, comprising nine properties, totaling 2,556 units, in the Dallas-Fort Worth metro area. Nitya noted that he completed nearly $2 billion in deals last year.