Nitya Capital Acquires Vintage Community in Westchase District
The transaction increases Nitya Capital’s Texas portfolio to more than 9,000 units and $710 million worth of assets under management.
Nitya Capital announced it has acquired City West, a 510-unit Class A vintage property located in Houston’s Westchase District. Details about the deal were not disclosed, but in 2013, Archon Group took ownership of the asset from TVO Groupe for $53.2 million, according to data provider Yardi Matrix. Following the acquisition, the community will be managed by Nitya Capital’s fully-owned and operated property management company, Karya Property Management.
The unit mix at City West includes one- and two-bedroom floor plans ranging in size from 675 to 1,228 square feet. The community features a swimming pool, business center, outdoor cabanas, clubhouse, picnic area with barbecue grills, fitness center, gated access and dog park. Unit amenities include washer and dryer in all units, vaulted ceilings, private balconies/patios and outside storage.
The 26-building property is situated on 20 acres at 2828 Hayes Road, with easy access to nearby roadways including Westpark Tollway, Beltway 8, Highway 59 and Interstate 10. The area features a variety of golf courses, including Lakeside Country Club and Royal Oaks Country Club. The purchase expands the Nitya Capital’s Texas portfolio to more than 9,000 units and over $710 million worth of assets under management.
“The acquisition of this property provides us with an opportunity to expand into an institutionally-owned quality Class A multifamily property at an attractive valuation,” Swapnil Agarwal, CEO of Nitya Capital and Karya Property Management, said in prepared remarks.
Images courtesy of City West Apartments
