As Nitya Capital moves into 2021, we are gearing up for new developments and opportunities within our company.
We are moving to acquire a major Class A student housing property–AKA Northpoint Crossing in College Station, Texas. Nestled on the corner of two major thoroughfares, this 2014-built property consists of 1,842 beds as well as 54,000 square feet of ground-level retail. Nitya views this acquisition as an attractive opportunity to benefit from the growth of the nearby Texas A&M while also adding value by increasing overall occupancy.
Enrollment at Texas A&M has grown about 40% over the past decade, making the property an ideal place for student housing in proximity to the nearby university campus. Since 2018, additionally, College Station has added around 2,000 new units; a 13% increase in total market supply within the area. We aim to utilize this knowledge as a means of fully driving rent growth within the area as we aim to acquire the new property.
Moving forward in this great new year, Nitya Capital will continue paving the way in the real estate investing world. Through the new acquisition of properties like Northpoint Crossing, we aim to become pinnacle frontrunners in the world of commercial and residential real estate. With the end of the 2020 fiscal year and the beginning of 2021, Nitya Capital is pleased to assert that, despite the unimaginable trials and tribulations the year of Covid-19 has presented, we have still emerged strong both in terms of financial performance and how we operate our business.