HOUSTON — Nitya Capital, a Houston-based multifamily investment firm led by Swapnil Agarwal, has purchased the 510-unit City West Apartments in the Westchase area from an affiliate of Goldman Sachs.
Financing for the acquisition was provided by Square Mile Capital Management LLC in partnership with Natixis. The loan, arranged by Michael Thompson of CBRE’s Houston office, was structured to cover both the purchase and a planned capital improvement program for the property.
Agarwal has assembled a Texas multifamily portfolio of roughly 9,000 units, initially focusing on Class B and C assets — segments that have remained among the strongest in Houston’s apartment market. As institutional investors have been cautious about Houston, private capital has actively pursued Class C opportunities that were seen as undervalued or overlooked.
Now a finalist for Ernst & Young’s Entrepreneur of the Year award, Agarwal has indicated plans to explore more Class A investments. His current holdings include 26 apartment communities in Houston and four in the Dallas area.
The City West Apartments, located at 2828 Hayes Road in the Westchase District, sit about 15 miles from downtown Houston. Westchase is a major employment center, home to more than 1,500 companies and employing over 81,000 people, which contributes to sustained rental demand in the submarket.
Square Mile Capital Management LLC is a New York-based institutional real estate finance and investment firm. Its opportunistic platform emphasizes value-oriented investments, targeting real estate assets and businesses that are undervalued, complex or undercapitalized.
May 31, 2017 Realty News Report Copyright 2017