Houston investor takes nine D-FW apartment communities
A Houston-based investor made the last major apartment purchase in North Texas.
Nitya Capital purchased nine Dallas-Fort Worth rental communities with 2,555 units. The properties are located in Dallas, Mesquite, Irving, Duncanville and Fort Worth.
Nitya Capital has acquired the apartments from Raven Multifamily. NorthMarq Capital’s Dallas office handled the sale.
The new owner plans to spend $ 15 million on improvements to the properties.
Nitya Capital now has nearly 3,000 apartments in North Texas.
âThis has been a historic year for rental demand across D-FW, and this portfolio allows Nitya to capture the market-wide rental growth we’ve seen while diversifying into several different locations,â said NorthMarq’s Taylor Snoddy said in a statement.
The largest apartment communities sold were the 432-unit Interlace at 3801 Gannon Lane in Dallas and the 354-unit Surround Apartments at 4299 Pleasant Run Drive in Irving,
âThis was a great opportunity for our client to continue with the renovation and value addition plan to maximize the potential of the portfolio,â said Steve Whitehead of NorthMarq. âWe matched the client with capital capable of closing a large and complex acquisition and managed the process to secure great loans for the client. “
James Roberts, Phillip Wiegand and William Hancock of NorthMarq also worked on the deal.
This is the second major apartment purchase in North Texas that NorthMarq has just organized.
S2 Capital of Dallas bought four newly built apartment communities in northeast Dallas with more than 1,200 units this month.
So far this year, NorthMarq’s Dallas office has generated more than $ 2.6 billion in real estate sales.
The Dallas-Fort Worth area was one of the nation’s top markets for apartment investment in 2021. Buyers had taken almost $ 10 billion worth of properties during the 12-month period ending in the first trimester.