HOUSTON – Nitya Capital, a Houston multifamily firm led by Swapnil Agarwal, acquired the 510-unit City West Apartments in Houston’s Westchase area from a Goldman Sachs entity.
Square Mile Capital Management LLC in collaboration with Natixis, provided financing for acquisition. Arranged by Michael Thompson of CBRE’s Houston office, the loan was used to acquire the property and fund a capital expense project.
Agarwal has built a 9,000-unit portfolio of Texas multifamily, concentrating first on Class B and C properties, which have been the strongest sector in Houston’s apartment market. Recognizing opportunity, private capital firms have been devouring the Class C properties, while institutional investors have shied away from Houston.
Agarwal, a finalist for the E&Y Entrepreneur of the Year Award, recently told the Houston Chronicle that he is considering more Class A apartment investments. He owns 26 apartment complexes in Houston and four in Dallas.
The City West apartments, 2828 Hayes Road, are located in the Westchase District, approximately 15 miles from Houston’s CBD. The Westchase District is home to more than 1,500 businesses, which employ over 81,000 people.
Square Mile Capital Management LLC is an integrated institutional real estate finance and investment management firm based in New York. Square Mile’s opportunistic platform takes a value-oriented approach to its investment activities, with an emphasis on opportunities to invest in real estate assets or enterprises that are undervalued, complex or under-capitalized.
May 31, 2017 Realty News Report Copyright 2017