(Editor’s note: This article has been updated to reflect the correct buyer.)
A Texas residential real estate investment and management firm has apparently made its first foray into the Nashville market with a roughly $63 million collective purchase of two garden-style apartment complexes.
According to two Davidson County Deeds Registry documents, Houston-based Nitya Capital now owns the Music City Apartments (1617 Lebanon Pike) and Blue Note Apartments (505 Millwood Drive).
Houston-based Nitya Capital bills itself as a private real estate investment firm with $2 billion in assets under management. The purchase was part of an 11-family multi-family deal involving five cities: Dallas, Las Vegas, Indianapolis, Nashville and Los Angeles.
Nitya has contracted Dallas-based KPM Property Management to manage both properties.
The sellers were LLCs affiliated with Gary Leshgold, founder and president of The Lighthouse Group, based in the Los Angeles area. It should be noted that in October 2021, this entity paid $4.1 million for the State Street Flats in Midtown (read here).
Through the LLCs, Leshgold paid $3.55 million for Music City Flats in 2014 and $13.45 million for Blue Note in 2017, for a collective $17 million. It is unclear whether he has invested in upgrading the properties.
The two suburban apartment complexes offer a collective of 346 units. As such, the trades are worth around $180,080 per unit.
Music City Flats opened in 1968, with Blue Note taking on residents in 1976. KPM lists the two on its website as its only Tennessee holdings.
KPM’s portfolio includes garden-style apartment complexes in Houston, Dallas, San Antonio, Austin, Salt Lake City, Las Vegas, Kansas City and, now, Nashville, with a collective of more than 15,000 units.
the To post was unable to determine if any brokers were involved in the transactions.