Nitya Capital has acquired a portfolio of 11 multifamily properties, totaling nearly 3,000 units, across the United States for $400 million. The assets are in expanding major metropolitan areas that include Dallas; Las Vegas; Indianapolis; Los Angeles; Nashville, Tenn.; and North Carolina.
The purchase includes three Texas residential properties: the 116-unit Monticello Apartments, located at 154 N. Bailey Ave. in Fort Worth; the 192-unit The Preserve at Turtle Creek, located at 2500 Brown Blvd. in Arlington; and the 264-unit Redgate, located at 812 Brown Blvd. in Arlington.
READ ALSO: Nitya Capital Pays $36M for Las Vegas Community
“As these are value-add properties, Nitya Capital has plans to make physical upgrades to all assets. Sister company KPM Property Management will oversee operations and management of the properties. Nitya Capital is actively looking to acquire new properties in high-growth areas nationally, particularly the Sun Belt region, in order to present more opportunistic deals to our investors,” Swapnil Agarwal, CEO of Nitya Capital, told Multi-Housing News.
The company and the seller were both represented in the transaction by Eastdil Secured.
Nitya Capital Growth
Nitya Capital’s acquisition follows its expansion in late 2021 and early 2022 into other high-growth markets that included Jacksonville and Orlando, Fla.; Phoenix; College Station, Texas; Colorado Springs, Colo.; and Boone, N.C.
In February 2021, the company bought the Raven Portfolio, comprising nine properties, totaling 2,556 units, in the Dallas-Fort Worth metropolitan region. Nitya noted it had completed nearly $2 billion in transactions this past year.