Disrupt Equity Acquires Multifamily Portfolio From Nitya Capital

Disrupt Equity has purchased Nitya Capital’s three-property multifamily portfolio, called the Lone Star 3-pack.

The portfolio encompasses 673 units spread across one Austin complex and two in Houston. Newmark’s Zach Springer, Jim Young and Carter Mizell brokered the deal.

The transaction was completed with a CMBS loan assumption. Houston-based Disrupt will assume responsibility for a $68 million loan Nitya secured against the property in 2019.

The properties have a combined appraised value of nearly $80 million:

The 297-unit Treehouse, at 2501 Wickersham Lane, within the East Riverside Corridor, near Downtown Austin and Ladybird Lake.
The Class B, 208-unit Stonecreek Apartments, at 20000 Saums Road in Katy.
The 168-unit Waterstone Place, at 516 Stafford Springs Place in Stafford, Fort Bend County.

Nitya Capital acquired them four years ago and has performed value-add renovations. The appraised values of Waterstone and Stonecreek more than doubled from 2019 to 2023. Waterstone’s assessed value grew from $3.5 million to nearly $9 million in assessed value, while Stonecreek’s increased from $10 million to $22 million. Treehouse’s assessed value also increased significantly, growing 30 percent from $36 million to $46 million since Nitya’s 2019 acquisition.

Disrupt had acquired 5,000 units and held $800 million in assets under management prior to this deal.

In other Houston multifamily real estate news, NexPoint Residential Trust has a new buyer for the 734-unit Old Farms Apartment in West Houston.

The Class A complex, at 2500 Old Farm Road, about 2 miles southeast of Bunker Hill Village, was previously under contract to sell in August, but the deal fell through, according to an Oct. 31 earnings call.

NexPoint declined to comment on either deal. The property was appraised this year for $58 million, according to the Harris County Appraisal District.

The company has been offloading properties across Texas, attempting to decrease portfolio-level debt and shift its financial standing.

NexPoint closed the sale of Silverbrook, a 642-unit complex at 2934 Alouette Drive southwest of Dallas, for $70 million in proceeds, or about $50,000 per unit, in the third quarter, according to SEC filings.

Last winter, NexPoint raked in $20 million in proceeds by parting ways with the 260-unit Hollister Place, at 6565 Hollister Street in Houston, averaging nearly $77,000 per unit.

NexPoint had reduced its corporate credit facility debt burden by $16 million by the end of the third quarter. As of Sept. 30, the Company held a principal balance of $41 million. NexPoint owns 39 multifamily properties across the Sun Belt, totaling more than 14,000 units, with a 94 percent occupancy rate.