HOUSTON, TX – Nitya Capital, and Tema Development have signed a milestone strategic framework agreement (SFA) announcing the development of Two Hermann Place, an iconic and luxurious multifamily high-rise. Two Hermann Place is located in the heart of Houston s Hermann Park inside the Museum District.
Both organizations look forward to a long-term partnership in efforts to design new structures and redevelop existing assets into modern and state of the art multi-use real estate projects. This partnership starts with Two Hermann Place as a world-class multifamily project, and together we strive to place greater strength, synergy and mobility into the development of this market sector by utilizing our collective expertise and competence. We are both excited and confident that this partnership will be a fantastic success, said Swapnil Agarwal, CEO of Nitya Capital.
Two Hermann Place, a new luxury apartment tower spanning 32 tales with state of the art finishes and amenities, is scheduled for completion in the winter of 2022. The highly anticipated new community, located at 1661 Hermann Drive near Jackson Street in the Museum District, provides residents with unobstructed views of the downtown skyline and Houston s most coveted and dynamic green space, just minutes from Rice University, The Texas Medical Center and Downtown. The groundbreaking is scheduled for Q1 2020, said Haytham Haidar, Tema s Director of Development.
During our design process we carefully researched every detail of this charming and historical area of Houston to build a residential space that effortlessly blends with the gorgeous Hermann Park backdrop, said Nadim Zabaneh Vice President of Tema Development. The development team of Nitya and Tema went to fantastic lengths to capture the neighborhood s appeal including matching the stone with that of nearby Museum District. It was vital for us to maintain the character of the Hermann Place area to make an authentic park-like setting for our residents, said Mr. Zabaneh.
The iconic 32-tale building offers 295 residential units with 13 bespoke floor plans, featuring high ceilings, quartz countertops and backsplashes, chef inspired appliances, grand closets with premium storage systems in every unit, spacious hallways, USB charging stations and NEST thermostats. High-end amenities for residents include a resort-style pool with a sunbathing ledge and cabanas, top floor sky lounge, café bar, 11,000 square foot amenity deck on the 8th floor, conference area, dog park, barbeque area and fitness center overlooking the park providing an elegant yet relaxed aesthetic. Two Hermann Place will provide 24 hour valet service with transportation shuttles to nearby destinations, and amenities including EV charging stations and private garages. The average residence size is 1,076 square feet, continued Mr. Haidar.
Uniquely situated on the edge of Hermann Park, residents will delight in panoramic park views and simple walking access to the 445 acres filled with lush gardens, live oaks, landscaped golfing greens, fountains, and cultural institutions. We are proud to provide our residents with an extraordinary scenic lifestyle in the heart of Houston that seamlessly integrates with Hermann Park, rich in beauty, charm and history while also offering unparalleled convenience to the community, said Mr. Agarwal.

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NANUET, NY – Mill Creek Residential, a leading multifamily investor, developer, and operator specializing in premier apartment communities across the U.S., announced the acquisition of Alister Nanuet, which marks the company’s seventh acquisition of the previous 12 months. The newly bought communities total more than 1,600 apartment homes and a combined capitalization in excess of $500 million.
“The transaction rounds out a busy year of acquisitions for Mill Creek Residential, in which we have bought seven apartment communities with strategic joint venture partners,” said Wesley Dickerson, senior managing director of acquisitions for Mill Creek Residential. “These acquisitions are located in target markets that include South Florida, the Mid-Atlantic and the Pacific Northwest. We continue to focus our investment efforts on value-add opportunities in locations that we view as growth markets because of their strong population and employment base.”
Situated at 100 Avalon Gardens Drive surrounded by a lush backdrop, Alister Nanuet is a garden-style apartment community featuring 504 apartment homes with spacious layouts. The community offers one-, two- and three-bedroom homes with an average square footage of 1,208. The Hudson Valley-based community sits within a small drive of several key thoroughfares, public transit options, convenience retailers and key employment centers.
Mill Creek Residential’s other recent acquisitions include two communities in northern Virginia, two in Florida and two in Washington. Mill Creek bought the two communities in the Seattle suburb of Everett, Wash., earlier this year and rebranded them as one standalone community, Alister Parx.
“While Mill Creek has built its reputation as a top-tier developer over the past several years, we’ve also made a concerted effort to augment our portfolio with strategic acquisitions,” Dickerson said. “These communities complement our existing portfolio in that they offer a comfortable, top-of-market living experience in some of the nation’s most compelling investment markets.”

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WAUKEE, IA – Four Mile Capital, a privately-held real estate investment firm based in Louisville, CO, has bought The Bricks Waukee East, a 216 unit multifamily community in Waukee, IA, a suburb of Des Moines, in an off-market transaction. Bricks, completed in 2017 and sitting on 9.2 acres, consists of one- and two-bedroom apartment units and has a competitive amenity package, including a pool and fitness center. BH Management ( BH ), based in Des Moines, IA, has been awarded the management contract, their second with FMC.
The transaction closed December 5, 2019, for $25,000,000, or $115,741 per unit and $155 per square foot. As part of their acquisition, new ownership placed a new non-recourse 65% LTV fixed-rate mortgage at 3.625% from Luana Savings Bank, based in Iowa.
Bricks is located in the rapidly growing suburb of Waukee, which is exceptionally located in relation to the largest employers, retail centers, and interstate highways in the affluent Dallas County and West Des Moines submarkets. The Property is 20 minutes from downtown Des Moines, 25 minutes to DSM International Airport, 10 minutes to the Jordan Creek Town Center mall, the premier retail destination in the metro, and 5 minutes from a newly approved 40 acre, $80M mixed-use entertainment district opening in 2021.
After purchasing the nearby Aspire Townhomes in West Des Moines in December 2018, FMC now owns about 450 units in the MSA and is looking to add more. The Des Moines market continues to demonstrate very strong investment fundamentals despite a wave of new supply, with strong job and population growth that extends out to the suburbs, said Eric Mallon, one of FMC s founding principals. 11,000 new residents joined the metro annually through the 1Q2019, and its 1.7% growth rate puts Des Moines ahead of most other Midwest metros. Waukee s population has exploded nearly 300% since 2000 and was recently named the 9th fastest growing suburb in the country. It also has the 3rd ranked school district in Des Moines (and 10th in the state), all of which are key investment indicators for us, continued Mallon.
Given its new construction, there is very small deferred maintenance or expected capital investment at the Property, so FMC will instead focus on improving operations through the implementation of more sophisticated management and marketing strategies, utilizing their institutional-quality asset management platform to control operational expenses and make strategic decisions for the asset. At this point in the cycle, we are thrilled to be able to buy newer construction assets, at a basis below replacement cost, and with returns approaching those of traditional value add executions, said Andrew Jumbeck, VP of Acquisitions for Four Mile.
Four Mile Capital continues to pursue additional value-add investment opportunities in secondary and tertiary markets throughout the U.S, with a specific focus on Colorado, Virginia, the Carolinas, Iowa, and Wisconsin. They use an opportunistic strategy in acquiring off-market properties that fall below the radar of its institutional peers, targeting investments with a total capitalization between $10MM and $100MM, and between $5MM and $35MM of equity.

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