Nitya Capital Closes Significant Multi-City, Multifamily Property Deal Adding Properties in High-Growth US Markets
HOUSTON–(BUSINESS WIRE)–Nitya Capital, a privately-owned real estate investment firm and operating company, today announced an acquisition of 11 multi-family properties across five major cities – Dallas, Las Vegas, Indianapolis, Nashville, and Los Angeles and in North Carolina. The deal is valued at nearly half a billion dollars.
This deal marks the largest in the company’s history and a major expansion into high-growth cities in the sunbelt and beyond. Each of the selected markets is expected to see higher population, income and job growth over the next five years as compared to other U.S. cities.
“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 expand into several high-growth markets where jobs are plentiful, occupancy is stable and growing and the business outlook is strong,” said Swapnil Agarwal, CEO and founder of Nitya Capital. “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.”
As Houston-based Nitya Capital takes ownership of the eleven-property portfolio, its sister company, KPM Property Management becomes the hands-on manager of each location, several of which have made recent upgrades for energy efficiency or curb appeal. All totaled the transaction includes nearly 3000 units.
“Operationally, this was very much a significant, choreographed and team-based approach. We know it’s not just about the real estate transaction but about the people who live in our communities. This deal involved the coordination of our entire team working across these eleven 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,” continued Agarwal.
This acquisition comes following previous growth in late 2021 and early 2022 which resulted in Nitya Capital expanding into cities such as Jacksonville and Orlando, Florida; Phoenix, Arizona; College Station Texas; Colorado Springs, Colorado; and Boone, North Carolina. The Class B properties in this portfolio average 95.1% occupancy.
This was first posted on Businesswire.com: https://www.businesswire.com/news/home/20220317005653/en/Nitya-Capital-Closes-Significant-Multi-City-Multifamily-Property-Deal-Adding-Properties-in-High-Growth-US-Markets
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