DALLAS – (Realty News Report) – Lion Real Estate Group, a Dallas-based investment firm focused on multifamily properties, has acquired a 354-unit apartment community in North Texas from Nitya Capital.
Earlier this year, Nitya Capital, a Houston-based real estate investment firm, said it intends to sell some 40 percent of its properties as it deals with today’s higher interest rate environment. Well known in the Houston real estate community, Nitya Capital’s founder, Swapnil Agarwal, immigrated from India when he was 15 years old and eventually won the EY Entrepreneur of the Year award in 2017.
In the North Texas disposition, Nitya sold The Surround Apartments located in Irving, near Dallas. The acquisition was made as part of LREG Multifamily Fund III, LP, a $300 million discretionary private equity fund.
The property will be rebranded as The Stella, with capital improvements and renovations scheduled to begin immediately
The acquisition adds more than 350 units to the Lion’s existing portfolio, giving the firm a total of 1,986 apartment units in the Dallas area.
Jeff Weller, Managing Partner and Co-Founder of Lion, said, “We believe the fundamentals of the multifamily real estate market are the best they’ve been in years,” said Jeff Weller, Managing Partner and Co-Founder of Lion. “We are pleased to be able to execute a seamless acquisition with Nitya and look forward to partnering with their team on future transactions.”
Mory Barak, Managing Partner and Co-Founder of Lion, added, “Our long-term relationships with brokers and owners allows us to quickly acquire assets such as The Surround Apartments without the friction that typically comes with a fully marketed process. When combined with our vertically integrated asset management and preferred borrower status with both Fannie Mae and Freddie Mac, which offer fixed rate financing, we can deliver significant returns despite the current environment.”
Ben Kriegsman, Director of Acquisitions at Lion, said, “We believe The Stella offers us an excellent opportunity to add substantial density to our growing real estate portfolio in Irving, Texas. We’re bullish on the submarket and are excited by the opportunity to bring our value-add expertise to yet another amazing community. We are looking forward to subsequent acquisitions as we continue to grow our portfolio and are actively sourcing and evaluating acquisition opportunities in Dallas-Fort Worth, Nashville, Austin, Atlanta, and Phoenix, among other markets.”
Lion currently owns 24 multifamily communities that encompass more than 5,900 units across five states, with a value of approximately $1.4 billion. Lion’s corporate headquarters are based in Dallas and it has with additional offices located in Los Angeles and Nashville.
In other Texas multifamily news, Nashville-based Southern Land Company recently announced plans to build a 36-story, 318-unit apartment tower on Kirby Drive in Houston.
July 27, 2023 Realty News Report Copyright 2023
Photo courtesy Lion Real Estate Group.
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File: Lion Acquires Nitya Apartments