Nitya Capital Acquires Multifamily Portfolio for Nearly $500M
The nearly 3000-unit, 11-property acquisition represents the company’s largest transaction to date.
HOUSTON, TX – Privately-owned real estate investment and operating company, Nitya Capital has acquired an 11-asset multifamily portfolio situated across five markets for nearly $500 million.
The nearly 3000-unit portfolio comprises class B properties that currently average 95% occupancy.
The acquisition of represents Nitya Capital’s largest transaction and it additionally expands the firm’s footprint into the Sunbelt.
The acquired properties are located in Dallas, Las Vegas, Indianapolis, Nashville, Los Angeles and in North Carolina. Each of the locations represent high-growth markets that are expected to experience higher population, income and job growth in the next five years.
Nitya Capital CEO and founder Swapnil Agarwal states, “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.”
Agarwal adds, “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.”
Nitya Capital’s sister company KPM Property Management will serve as the hands-on manager of each of the acquired assets.
“Operationally, this was very much a significant, choreographed and team-based approach,” says Agarwal. “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.”
Nitya Capital recently experienced additional growth in late 2021 and early 2022, as it expanded into Jacksonville, FL, Orlando, FL, Phoenix, AZ, College Station, TX, Colorado Springs, CO and Boone, NC.