Nitya Capital Sells Four Communities in Texas

The Latitude project in San Antonio. Image courtesy of Nitya Capital

Nitya Capital is continuing to sell off its Texas communities with its four latest multifamily property exits. The Houston-based firm sold four communities to Lone Star Capital and Nord Group in four separate transactions.

The projects include properties in the Dallas, Austin and San Antonio areas. Nord Group acquired Terrain at Medical Center and Latitude Apartments, in a single transaction in March. Both properties, the 224-unit Terrain and the 268-unit Latitude, are located in San Antonio’s South Texas Medical Center submarket. A month later, in April, Nord Group acquired the 248-unit Park at Crestview in northern Austin.

The Candlelight project near Dallas. Image courtesy of Nitya Capital

Nitya sold its 128-unit Candlelight Park Apartments in the Duncanville suburb of Dallas, Texas, to Lone Star Capital in March. During Nitya’s ownership, the firm employed a value-add strategy for each of the communities that included interior and exterior upgrades, pool renovations, kitchen renovations, new community amenities and a new leasing office, among other improvements.

A string of Texas multifamily sales

For Nitya Capital, these Texas dispositions bring the firm’s property exits to 73 since it was founded in July 2013. These most recent sales follow Nitya’s recent string of exits. The company sold off 14 Texas communities in 2022. The firm has no current plans to continue selling its Texas communities, though it has shifted its focus to acquiring diverse, newer communities in high-growth markets like Florida, Tennessee and Indiana. Last year, Nitya acquired a portfolio of 11 communities totalling 3,000 units across several major U.S. metros.