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Old Posted Dec 9, 2018, 2:53 AM
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Wattleigh Wattleigh is offline
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Join Date: Oct 2007
Location: Houston - Wichita, KS
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https://www.bizjournals.com/houston/...-tower-on.html

Quote:
Investor considers building condo tower on apartment property along Memorial

By Fauzeya Rahman – Reporter, Houston Business Journal
Dec 7, 2018, 1:19pm CST

Next year, Houston-based Nitya Capital could have two separate multimillion-dollar developments under construction, one off Washington Avenue and the other near Memorial and Shepherd drives.

The first project, a 19-townhome project called Arya Heights near the corner of Washington and Studemont Street, will likely break ground within the first quarter of 2019, Swapnil Agarwal, founder, CEO and managing partner of Nitya Capital and sister company Karya Property Management, told the Houston Business Journal.

The second, a tower condo slated for a portion of land on the 15-acre Bayou Park Apartments property off Memorial and Shepherd, could break ground by the end of next year if plans and permits get sorted out by then. Nitya Capital closed on the almost 700-unit Bayou Park Apartments in late November, Agarwal said. It was the company’s biggest single purchase to date. Although Agarwal wouldn’t disclose purchase price, the property was appraised at $57.8 million in 2018, according to the Harris County Appraisal District.

Agarwal plans to keep the existing apartments and develop the tower condo on open space, he said. He gave a rough estimate of $250 million for the project.

Eventually, future phases could include high-end retail or a grocery store as part of a larger redevelopment of the entire 15-acre site, Agarwal said.
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