Houston-based Nitya Capital has acquired a portfolio of 11 multifamily communities with nearly 3,000 units across five major markets—Dallas, Indianapolis, Las Vegas, Los Angeles, and Nashville, Tennessee. The deal is valued at nearly half a billion dollars.
The portfolio acquisition is the largest in the company’s history and a major expansion into high-growth Sun Belt cities and beyond. The communities include:
- Avenue 965 and The Marq at 1600 in Las Vegas;
- Brickyard Flats, South & Madison, and The Legend at Speedway in Indianapolis;
- Blue Note and Music City Flats in Nashville;
- Monticello Crossroads in Fort Worth, Texas;
- The Preserve at Turtle Creek and Redgate in Arlington, Texas; and
- Silverlake Towers in Los Angeles.
“About this time in 2021, we were excited to announce our then-largest deal of nine properties in Dallas. With this new portfolio, we intentionally expanded into several high-growth markets, where jobs are plentiful, occupancy is stable and growing, and the business outlook is strong,” said Nitya Capital founder and CEO Swapnil Agarwal. “As active owner-operators, we look forward to making the connection into these communities by introducing the Nitya Capital and KPM Property Management brands and, with our disciplined management, returning value to our investors.”
Sister company KPM Property Management will become the hands-on manager at each of the 11 communities, several of which have made recent energy-efficiency or curb appeal upgrades.
“Operationally, this was very much a significant, choreographed, and team-based approach. We know it’s not just about the real estate transaction but the people who live in our communities,” said Agarwal. “This deal involved the coordination of our entire team working across these 11 locations to make sure all details were coordinated for day one, so our tenants experience this as a seamless but wholly positive transition. We look forward to deepening our connections in these cities.”
The privately owned real estate investment firm and operating company has been growing. Last year, it completed nearly $2 billion in transactions. In late 2021 and early 2022, Nitya Capital expanded into new markets, such as Boone, North Carolina; College Station, Texas; Colorado Springs, Colorado; Jacksonville and Orlando, Florida; and Phoenix.