HOUSTON – Nitya Capital, a Houston multifamily firm led by Swapnil Agarwal, purchased a 235-unit Class B multifamily community near the Astrodome.
The project, called The Broadmead, located at 2801 Broadmead Dr., is 95 percent leased. JLL Capital Markets represented the seller of the community, Broadmead Apartments Ltd.
Houston’s Class B multifamily market, which is 95.5 occupied, is attracting significant interest from investors, says JLL’s Chip Nash.
“Houston’s Class B multifamily market remains strong despite economic headwinds,” said Nash. “Class B properties, like the Broadmead, are consistently occupied by a large segment of the population, presenting buyers with a solid investment and promising value-add opportunity.”
Nash and Greg Austin, and Vice President Bob Heard led the JLL team on the sale.
The overall occupancy rate of Houston’s Class B multifamily sector is 95.5 percent, JLL reports.