We have been fortunate to partner with one of the most reputable financial institutions in the country, Alliance Bernstein. As an organization, they have been extremely impressed with our performance and execution, and we hope that it will result in a longer term relationship with them. After closing Hammerly Oaks Apartments, Alliance Bernstien Partners has decided to invest again in our most recent acquisitions – Summit at Champions East and NorthChase, both in the Champions market. We are also closing the Heritage and the Establishment which we are purchasing with our high net worth investors who have been with Nitya from the beginning. We are excited about all four of these acquisitions that present unique plays but very interesting opportunities.

The Heritage Apartment Homes is a B grade property consisting of 2 stories with 121 units and is located in Uptown Houston, one mile from the Galleria shopping mall. Built in 1965, Heritage was renovated from 2014 to 2017 and transformed into a resort style community with distinct architectural influences. Visitors are welcomed by a grand portico with ionic columns, mosaic fountains, large windows with shutters, awnings, and Juliette balconies. Even the landscaping and interior decorating are reminiscent of early 20th century painters. Previously owned by Vintage Communities, Heritage is a winner of the 2016 Houston Apartment Association Cornerstone Award for Best Redevelopment Property.

Also located near the Galleria and walking distance from Heritage is the Establishment. Formerly the Westgate Apartments, this apartment community has 3 stories with 313 units and was built in 1971. In 2015, within a 2-year span, 205 of the units were updated with linoleum faux wood flooring, resurfaced cabinets and countertops, hardware and ACDC interiors and exteriors.

NorthChase Village Apartment Homes and Summit at Champions Apartments are both located in the 1960 area. NorthChase was built in 2007 and has 3 stories with 232 units. Their managers take pride in the property’s sense of community and are dedicated to building relationships with residents. The community is known to host kid-centered events including an annual Neon Night in August, a night where an inflatable screen is rented for movies and the pool is illuminated by neon toys and floaties. Preventing vandalism and littering, the event is an incentive for kids to take care of the property and a form of positive reinforcement for good behavior. Complimentary popcorn is provided every Friday in their leasing center. These are some of the many reasons why NorthChase was listed among the winners of the inaugural 2016 ApartmentRatings Top Rated award, an annual award that recognizes properties with outstanding resident satisfaction.

Combining comfort with style, The Summit at Champions Apartment Homes was built in 1983 and has 2 stories with 272 units. With one and two bedroom apartments, The Summit at Champions features newly remodeled homes complete with custom cabinetry, mosaic tile backsplashes in the kitchen, spacious living areas, and more. Their amenities include an inviting swimming pool and sundeck, fitness and conditioning lounge, cabana area, and lush landscaping.

All four properties will be rehabbed as appropriate with many including brushed nickel finishing, stainless steel appliances and granite countertops. Regional Manager Denise Swann will be responsible for Heritage and Establishment while Bushra Majeed will oversee the 1960 properties.

Categories: Acquisitions