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Memorial & Shepherd: New condo tower, future mixed-use

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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.

 

Agarwal founded both companies in 2013 after working at a real estate investment firm in Hong Kong for seven years. While the city’s Class A apartment market saw a lot of activity at the time, Agarwal focused on the city’s Class B and below apartment market.

 

Now, Agarwal wants to venture into developing townhomes and condos.

 

“It’s a good strategy for us,” he said.

 

Edited by ArtieFufkin
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These appear to be be the most informative quotes:

 

“[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.”

Just now, ArtieFufkin said:

 

Jinx, lol.

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Did Swamplot cover this earlier in the week? I saw something about a condo on Memorial? Cool design if so.

 

Edit: Never mind, it was something else.

Edited by ekdrm2d1

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I thought Bayou Park Apartments was apart of the Buffalo Heights District development. 

Edited by Fortune
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https://www.chron.com/business/texas-inc/article/Prime-location-could-bring-condo-tower-to-13448692.php

 

"Rents at Bayou Park average $1,000 a month, or between $1 and $1.05 per square foot, Agarwal said. By comparison, new apartments in the area average about $1,600. As apartments turn over, Nitya plans to upgrade the units with new floors, granite counters, stainless steel appliances, new lighting and fixtures. “The tenants will basically get a very comparable product to new apartment complexes at at least $400 to $500 cheaper,” Agarwal said. Other updates include fresh landscaping, new signs and changes to the leasing center."

Edited by pm91
added quote

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Arya Memorial Heights? That's only one minor copyediting slip-up away from a reputation management firm being parachuted in for a social media damage control campaign.

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