HOUSTON--Los Angeles-based Nimes Capital, the private investment arm of Nazarian Enterprises, has acquired three adjacent multifamily properties totaling more than 1,100 units in the Spring Branch submarket.

The communities are Kempwood Hollow, Kempwood Place and Spring Shadows; Nimes purchased the assets in a joint venture with Unilev Capital Group from seller Bridge Investment Group.

With a plan to renovate the units, the firm will also update the exteriors and improve common-area amenities. Despite the market's uncertainty about oil, reps for Nimes were undeterred about making the investment.

“We were not that concerned about the price of oil when we made this acquisition,” Nitin Chexal, director/real estate at Nimes Capital's Austin office, told GlobeSt.com. “Houston is a city that has a diversified set of industries and is no longer strictly tied to oil.”

In addition, Nimes is impressed with the current activity and gentrification in Spring Branch and its accessibility.

“Location was one of the things that excited us about this portfolio,” Chexal says. “We are inside the Beltway, just north of [Interstate] 10 and less than three miles from CityCentre.”

The company has also targeted Austin's multifamily market, last week making an 810-unit acquisition at three similarly adjacent properties south of downtown.