A Houston-based investor has made the latest big buy of North Texas apartment properties.
Nitya Capital purchased nine Dallas-Fort Worth rental communities with 2,555 units. The properties are in Dallas, Mesquite, Irving, Duncanville and Fort Worth.
Nitya Capital acquired the apartments from Raven Multifamily. NorthMarq Capital’s Dallas office handled the sale.
The new owner plans to spend $15 million on upgrades to the properties. Nitya Capital now has almost 3,000 apartments in North Texas.
“This has been a historic year for rental demand across D-FW, and this portfolio allows Nitya to capture the marketwide rent growth we have seen while diversifying across several different locations,” 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,
“This was a great opportunity for our client to continue the renovation and value-add plan to maximize the potential of the portfolio,” NorthMarq’s Steve Whitehead said. “We matched up the client with capital that was capable of taking down a large, complex acquisition and managed the process to get great loans for the client.”
NorthMarq’s James Roberts, Phillip Wiegand and William Hancock also worked on the deal. It’s the second big North Texas apartment purchase just arranged by NorthMarq.
Dallas’ S2 Capital purchased four recently built northeast Dallas apartment communities with more than 1,200 units this month.
Since the start of the year, NorthMarq’s Dallas office has completed more than $2.6 billion in property sales.
The Dallas-Fort Worth area has been one of the country’s top markets for apartment investment in 2021. Buyers had taken almost $10 billion in properties during the 12-month period ending in the first quarter.