A Houston syndicator that bought Class B and C apartments deal by deal from accredited individuals, scaled to roughly 15,000 units across the Sun Belt, and has spent the last three years refinancing, forbearing and litigating its way through the debt it took on. Founded 2013 by Swapnil Agarwal and Vivek Shah.
CaveatAs of June 2026 Nitya is paying its lender $1 million a month to postpone the foreclosure auction of three North Texas communities, two other loans sit in special servicing, and the firm's co-founder is asking a federal court to enforce an arbitration award over control of the business. Read the Risk screen first.jump ↓
CaveatThe sponsor's headline performance figures (22% realized IRR, 1.56x equity multiple, zero losses), are self-reported, unaudited and undated. No third-party performance audit is public. Weigh them against the documented loan record below.jump ↓
CREsponsor scorecard
A standardized public-record assessment. Select any scored lens or profile factor to inspect the cited evidence. The overall grade is a weighted function of the four scored lenses, it is not hand-set.
Geographic concentration
01
Texas-anchored Sun Belt
Profile factor
Houston HQ and Texas-weighted, but Jacksonville is the largest documented single-metro cluster: 9 properties, 1,087 units, all bought in 2021–22. Every 2025–26 distress event so far has hit a Texas asset.
Awards
02
40/100
Limited
EY Entrepreneur Of The Year 2023 national finalist, plus a 2017–2019 cluster of Houston Business Journal, Inc. 5000 and Top Workplaces honours. All founder- or employer-based; no deal-performance award.
Online reputation
03
26/100
Weak
Nitya was Duval County's largest eviction filer in 2022: 957 filings, 2.5x the next (UNF/UF Shimberg). Resident reviews average 3.26/5 across nine communities; our read of the manager's BBB file is Negative.
Team expertise
04
42/100
Limited public depth
The founder's pre-firm record is institutional (Simmons & Company, Forum Partners). Against that: the public team page names one person, the co-founder is litigating for control, and the head of investments left.
Risk screen
05
18/100
Material findings
Active distress: a $356M loan unpaid at maturity (2024), foreclosure notices on three DFW communities held off by monthly payments (2026), two loans in special servicing, and a co-founder suing over control.
Differentiator
06
In-house management (KPM)
Profile factor
Nitya owns its manager, KPM (20,000+ units per KPM). It cuts both ways: at the Muse, city code violations (an operations failure), pushed a paying loan into special servicing.
Sources of capital
07
Accredited individuals only
Profile factor
45 deal-by-deal Reg D syndications at a $25,000 minimum, several hundred investors each. No institutional LP appears in the public record: individuals, not institutions, sit behind the equity.
Scores are CREsponsor editorial assessments of the cited public record, not ratings by any regulator. Methodology · Report a correction.
Track record
Nitya publishes a performance page and a set of headline numbers. They are the sponsor’s own, unaudited, carry no as-of date, and are not accompanied by any named per-deal return, so there is nothing here to corroborate deal by deal. What can be checked independently is the loan record, and it runs in the other direction.
All four figures come from the sponsor's own homepage (captured 2026-07-25), self-reported and unaudited. Nitya publishes no per-deal IRRs, so no realized-return bars are shown. The 'zero losses' claim is the sponsor's, repeated to Multifamily Dive in June 2026: 'We don't have a single deal that has gone bad.' Read it alongside the $356M maturity default, the foreclosure notices and the two loans in special servicing below. nityacapital.com (per sponsor)
The scale is real even where the returns are unverifiable. Nitya’s own site claims $10.0 billion of lifetime transaction volume and $3.0 billion of AUM; a 2024 SEC filing by an unrelated sponsor, describing a former Nitya executive’s background, independently put the firm at “over $2.5 billion of assets under management” (Multi-Housing Income REIT 1-K). The most reliable current figure comes from Agarwal himself: 52 properties, roughly 10,000 apartments and 5,000 student-housing beds, per Multifamily Dive in June 2026.
Two dates are worth holding side by side. The sponsor’s bio says Agarwal “opened Nitya Capital’s doors in 2013”, but the earliest Form D naming Nitya Capital in EDGAR’s full-text index (which covers filings from 2001), was filed in January 2016 (Village at Piney Point Investors, LLC). That is a three-year gap between the stated founding and the first federally filed offering; both dates are reported here rather than reconciled. The concentration of buying is easier to date: all nine of Nitya’s Jacksonville properties were acquired in 2021 or 2022, per the UNF ownership study, the top of the cycle.
The buying stopped some time ago. Agarwal told the same publication his last conventional apartment purchase was in September 2021, and no new Form D has been filed since September 2022: so on the public record there has been no new acquisition in nearly five years and no new offering in nearly four. Everything since has been liability management: about $500 million of refinancings in 2023–24 (per Agarwal), the $700 million Citi facility in June 2025, and the workouts described in the risk screen.
Profile factor
Geographic footprint
Geographic concentrationTexas-anchored Sun Belt
Houston is the head office and Texas is the balance sheet: Houston and Dallas–Fort Worth carry the weight, with student housing and apartments scattered through Arizona, Nevada, Florida, Indiana, Tennessee and a single Portland, Oregon asset. The concentration matters more than usual here, because the two things that broke the portfolio (the Texas public-facility-corporation tax exemption and the DFW supply glut), are both Texas-specific.
The twenty pins are communities named in 2025-26 servicer, foreclosure or litigation reporting, plus the nine Jacksonville properties (1,087 units) in a University of North Florida ownership study: dated data points, not the full 52-property book. The broader footprint comes from the management arm, reporting units across Houston, Dallas, San Antonio, Austin, Las Vegas, Phoenix, Jacksonville, Orlando, Indiana and Tennessee, and from the June 2025 refinancing across six states. Multifamily Dive / Morningstar
Domain at Waco ↗Texas SH Portfolio · special servicing (Apr 2026)
NTX DentonTexas SH Portfolio · special servicing (Apr 2026)
Jacksonville4communities
Show communities
Shore House ↗255 eviction filings in 2022, most of any Duval apartment community
Miramar219 eviction filings in 2022
Boat House203 eviction filings in 2022
San Remo164 eviction filings in 2022
Pacific Northwest1community
Show communities
Harbor SkyPictured in Nitya's June 2026 Multifamily Dive coverage
Communities named in servicer reports, foreclosure postings, litigation or the UNF study: the documented subset of a 52-property book. Of nine Jacksonville properties (1,087 units), the four here reached the study's top-twenty eviction-filing table. Nitya's portfolio pages redirect to individual property sites, several dead, and KPM's apartment search returns nothing, so no complete directory is public. The Real Deal / Roddy's
Public-record assessment
Key personnel
Editorial score42/100
The founder's pre-firm résumé is the strongest thing on this page: energy investment banking at Simmons & Company, then Asia-Pacific real-estate private equity at Forum Partners. Three deductions pull the score down hard: the public team page names exactly one person, the co-founder who built the firm alongside him is now in court over control of it, and the executive who ran investments left for a competitor.
Cards are scored on the depth of each person’s verifiable public record relative to their role, not on competence. Nitya makes this unusually difficult: its about page lists only the founder, and every one of its 45 Form D filings names Agarwal as the sole related person. The two other people below are documented from an archived version of the firm’s own site and from filings and court reporting, not from anything Nitya publishes today.
Opened Nitya in 2013; 16 yrs in real estate (per sponsor bio)
Energy investment banking at Simmons & Company (per sponsor bio)
Forum Partners APAC: $3B+ of company deals, $600M+ equity deployed (per sponsor bio)
EY Entrepreneur Of The Year 2023 national finalist (per sponsor press)
Titles differ across the firm's own surfaces: 'Founder & CEO' on the homepage and about page, 'Founder & Managing Principal' on his bio page, 'President, Nitya Capital' in the Form D signature blocks.
Co-founded Nitya with Agarwal; the two met in high school (per TRD)
D. E. Shaw: joined Houston 2005, helped open San Francisco 2006 (per archived bio)
Consortium Finance; $500M+ of transactions across both firms (per archived bio)
UT Austin BBA Finance with honors, 2003; prior Simmons & Company (per archived bio)
A June 2025 arbitration award granted Shah 40% of Nitya Capital, 27% of KPM, veto rights over major decisions and equal-governing-partner status; he asked a federal court to compel compliance. He has not appeared on Nitya's team page since at least May 2023.
The bench shrank, and it is not clear what replaced it. An archived index of Nitya’s site from 2020 carries ten individual executive bio pages: Ashwin Shetty, Carl Wilson, Deepika Verma Agarwal, Manish Patel, Mark Pearson, Mohammed Nazimuddin, Prashant Shenoy, Swapnil Agarwal, Vekeno Kennedy and Vivek Shah. By a May 2023 snapshot the about page had already been cut back to the founder alone, and it remains so today. Separately, Mehul Chavada, described as “Head of Investments at Nitya Capital” in a 2024 SEC filing, is now Chief Investment Officer at Casoro Group, a competing Texas multifamily sponsor. Agarwal told Multifamily Dive he has been “trimming overhead”; whichever way one reads it, an allocator cannot today identify who runs acquisitions, asset management or investor relations at a firm holding roughly 15,000 units.
Published contact point: Nitya Capital, 8901 Gaylord Drive, Suite 100, Houston, TX 77024 · (832) 904-3142 (per SEC Form D filings).
Public-record assessment
Risk screen
Editorial score18/100
This is the profile. Nitya has been in continuous, documented workout since 2023: a $356M loan unpaid at maturity, foreclosure notices on three DFW communities held off by $1M-a-month payments, two loans in special servicing, a receiver appointed, a city suing over living conditions, and the co-founder in federal court over ownership. None of it alleges wrongdoing: these are servicer records, county postings and court filings. The securities screen is clean.
Finding Maturity default: $356M Nitya failed to pay off a $356 million CMBS loan when it matured in 2024. The loan, tied to 2,700 multifamily units across 12 properties known as the Hatteras portfolio, was sent to special servicing. It was resolved in June 2025 by the $700 million Citi refinancing, into which Nitya folded six additional Class A student-housing properties. The Real Deal
Finding Foreclosure notices + forbearance The Interlace (Dallas), The Palace (Arlington) and Chaparral (Fort Worth), carrying $70.3M from One William Street Capital Management, drew foreclosure notices in May 2026 and were posted for a June 2 auction. Agarwal paid $1M on June 1 to postpone it, with monthly $1M extensions to a $5M ceiling. Roddy's list of properties actually sold on June 2 did not include them. Agarwal said a Morgan Stanley refinance was 'scheduled to close'; Morgan Stanley did not comment. Multifamily Dive
Finding Special servicing: Muse / Eden Pointe A $63.5M loan on the Muse (Dallas, 804 units) and Eden Pointe (Houston, 197 units) went to special servicing in October 2025 after a receiver was appointed, following code violations at the Muse. Agarwal says it is current with no back payment and every violation addressed, with city mediation under way. The Real Deal, citing Morningstar, sizes the loan at $66M and reports it marked current but delinquent in October, December, January and February. Multifamily Dive / Morningstar
Finding Special servicing: Texas SH Portfolio A 318-unit, two-building student-housing portfolio in Waco and Denton went to special servicing in April 2026 after the borrower could not secure the property-tax exemption the loan was underwritten to, triggering a paydown to meet a 10.33% debt-yield hurdle. Swapnil and Deepika Agarwal are named loan sponsors. Accounts conflict: Agarwal said Argentic agreed to $1.5M installments and Denton had approved the exemption; McLennan's chief appraiser told Multifamily Dive none is in place at Waco. Multifamily Dive / Morningstar
Finding Municipal litigation over conditions The City of Mesquite sued a Nitya affiliate over the condition of Tradewind Apartments (308 units). The property drew 750 complaints between 2023 and 2024, including extended air-conditioning outages in the summers of 2022 and 2023, per the Dallas Morning News. Nitya bought the property in 2021 and sold it to the Texas Workforce Housing Foundation in 2023 but continued to manage it. This is a filed civil claim by a municipality, not an adjudicated finding. The Real Deal / Dallas Morning News
Finding Ownership + governance dispute Co-founder Vivek Shah petitioned the N.D. Tex. in July 2025 to confirm a June 2025 arbitration award and compel Agarwal to comply. It recognised Shah's 40% of Nitya Capital, 27% of KPM Property Management and KPM Global, 33.33% of 8901 Gaylord, veto power over major decisions and equal governing-partner status. Note the tension with the sponsor's filings: a 2021 Form D, sworn under penalty of perjury, states 'Nitya Capital is wholly owned by Mr. Agarwal.' The Real Deal
Finding Tax-exemption structure risk The three foreclosure-noticed DFW communities are owned by the Austin-based Texas Essential Housing Public Facility Corporation. Nitya executed sale-leasebacks on each in June 2023, weeks before House Bill 2071 closed the loophole letting public facility corporations operate outside their home jurisdictions; House Bill 21 tightened it again in May 2025, retroactively for some contracts. A deal underwritten to an exemption that no longer holds carries a permanent expense increase. The Real Deal
Finding Tenant eviction filings University of North Florida researchers found Nitya the largest eviction-filing landlord in Duval County, Florida in 2022: 957 filings, over two and a half times the next largest. Four Nitya communities made the top-twenty list, together 841 filings across 875 units. Filings start a legal process rather than being evictions carried out, and the study reports no judgments. Read it as how heavily the operator uses the courts against local peers. UNF / UF Shimberg Center
Finding Trade-secrets litigation (management arm) ResMan, LLC sued Karya Property Management for misappropriation of trade secrets. Karya announced a confidential settlement on 25 August 2021 resolving all monetary claims against it with broad mutual releases, but its own release states 'the Court's permanent injunction regarding the software at issue in the litigation remains in place.' It renamed itself KPM Property Management around the same time. No monetary judgment disclosed; the injunction is what survived. Karya press release
Clear SEC enforcement EDGAR full-text search across all form types returns 120 filings naming Nitya Capital and 202 naming Swapnil Agarwal, all Form D or D/A vehicle filings. No enforcement matter as of 2026-07-28. Control: the same unfiltered query returns 10,000+ on a common term. EDGAR full-text search
Clear Federal docket screen A CourtListener sweep of federal dockets for Nitya Capital and Karya Property Management surfaced no enforcement action and no investor litigation against the sponsor. The only substantive hits were incidental references in an unrelated patent case and a single pro se complaint naming dozens of unconnected entities, terminated in 2020: neither is treated as a finding. CourtListener
Clear RealPage / algorithmic rent-pricing Not named as a defendant in US v. RealPage or the MDL 3071 rent-pricing class action. Searching CourtListener's federal docket archive (2026-07-29) for Nitya, Karya and KPM against RealPage returns 5 documents, all unrelated name collisions such as the Indonesian issuer PT Adhi Karya. Control: the same archive returns a signed MDL 3071 order naming 'Defendant Knightvest Residential', so it does index co-defendants of this MDL by name. CourtListener dockets
N/A Form ADV Item 11 Neither Nitya Capital nor Swapnil Agarwal is SEC-registered as an investment adviser (IAPD returns zero for both), so there is no Form ADV brochure, no filed fee schedule and no Item 11 regime backstopping the record. For a sponsor that raised across 45 Reg D vehicles that is a structural disclosure gap, not a conduct finding. Control (2026-07-29): the same endpoint returns Cortland Investment Management (299369), so the zero is proven. IAPD
Screens as of 2026-07-25 (SEC full-text search, IAPD, CourtListener, BBB, Morningstar Credit servicer data and Roddy's foreclosure postings via trade press).
What the pattern says. Nitya’s problems are not concentrated in one bad deal. They run across three separate lender relationships (One William Street, Argentic, the Citi securitization), two different failure modes (debt service that outran net operating income, and a tax exemption that vanished under a change in Texas law), and one operational failure (the Muse code violations), that moved a loan which was otherwise paying into special servicing. Agarwal’s position is consistent and worth stating plainly: he says he has advanced more than $70 million of his own loans plus roughly $100 million of total support including deferred fees, has taken no fees in four years, has refinanced two-thirds of the portfolio into longer-term debt, and has not handed a single asset back to a lender. Both things are true at once, and an allocator should weigh them together.
Public-record assessment
Awards and designations
Editorial score40/100
Genuine recognition, but it is founder-, growth- and employer-based rather than deal-performance-based, and most of it is now seven to nine years old. Nothing has been added to the firm's own award list since 2023.
Per sponsorEntrepreneur Of The Year: national finalistErnst & Young · 2023
The most recent recognition on the firm's record, and the only one after 2019. A founder award recognising company-building; the announcement is the sponsor's own press post rather than an EY page.
Per sponsor40 Under 40 · Most Admired CEOHouston Business Journal · 2018, 2019
Agarwal was named a 40 Under 40 honoree in both 2018 and 2019 and a Most Admired CEO honoree in 2019, and was a 2017 finalist for Outstanding CEO of a Large Company. Local business-journal recognition of the founder, listed on his bio page.
Per sponsorInc. 5000 #145 · HBJ Fast 100 #8 · Top Workplaces #15Inc. / Houston Business Journal / Houston Chronicle · 2018, 2019
All awarded to the management arm, Karya Property Management: 145th fastest-growing private company in America (Inc. 5000, 2018), 8th on the HBJ Fast 100 (2018), 15th among Houston Top Workplaces (Houston Chronicle, 2018) and 33rd in Multifamily Leadership's Best Places to Work (2019). Growth- and employer-side recognition: note the contrast with the management arm's current BBB rating.
Two caveats an allocator should carry. First, there is no deal-performance award: nothing recognising fund returns, IRR or investor outcomes, which is the category that would actually corroborate the track-record claims. Second, the awards are almost entirely self-reported: they are listed on the founder’s bio page, and only the 2023 EY item has a dated announcement of its own. That combination (real recognition, unverified at the granting body, and stale), caps this lens at 40.
Public-record assessment
Online reputation
Editorial score26/100
Three lenses, all weak. Nitya filed more evictions than any other landlord in Duval County, Florida in 2022: by a factor of two and a half. Resident sentiment sits below the base rate for large Class B and C workforce portfolios. Our read of the management arm's BBB file is Negative: fifteen complaints on the file, none of them answered.
The hardest number on this page is an eviction count. Using filing data from the University of Florida’s Shimberg Center for Housing Studies, a University of North Florida study of Duval County multifamily ownership found Nitya Capital filed 957 evictions in 2022, more evictions than any other landlord in the county, and more than two and a half times the next largest filer. Four Nitya communities reached the county’s top-twenty apartment list: Shore House (255 filings), Miramar (219), Boat House (203) and San Remo (164), 841 filings across 875 units, close to one filing per unit in a single year. KPM, which manages all of Nitya’s Jacksonville properties, sits atop the study’s separate property-manager table with the identical 957. Two things keep this precise: filings are the start of a legal process, not evictions executed, and the study reports no outcomes. What it does measure is how heavily this operator used the courts relative to every other landlord in the same county and year, and Nitya’s nine Jacksonville properties were all acquired in 2021 or 2022, immediately before the filings were counted.
The property-level read is 3.26 out of 5, weighted by review count across nine communities and 3,438 reviews: The Interlace 2.8 (454), The Palace 3.4 (363), Chaparral 3.3 (131), The Muse 2.7 (679), Eden Pointe at Wilcrest 3.6 (256), Tradewind 2.8 (315), Harbor Sky 3.8 (166), Bayou Park 3.5 (650) and Domain at Waco 4.1 (424). Only one community sits at or above 4.0; three sit below 3.0. Mid-3s is the normal band for large Class B and C workforce portfolios, so this is at the weak end of typical rather than an outlier, but the two communities that drew municipal attention, the Muse and Tradewind, are also the two lowest-rated conventional assets in the sample, which is the correlation that matters. This covers nine of 52 properties; a full sweep is blocked by the absence of any working community directory and is logged as a gap.
The BBB record is the harder read, and ours of it is Negative. What drives that is not the complaint volume but the response rate: fifteen complaints on the file, no response recorded to any of them, and seven further Karya Management profiles around Houston showing the same pattern. For a sponsor whose central claim is vertical integration (that owning the manager produces better outcomes), a manager that does not answer its regulator-adjacent complaint channel is a direct counter-signal.
Profile factor
The in-house platform
DifferentiatorIn-house management (KPM)
Nitya owns its property manager outright, which is a genuine structural difference from syndicators who outsource. The honest reading in 2026 is that the integration transmits operating failures straight into the capital structure rather than insulating it.
Nitya describes itself as a vertically integrated platform spanning capital raising, acquisitions, asset management and property management. The fourth leg is KPM Property Management: a Houston company that reports managing over 20,000 units across Houston, Dallas, San Antonio, Austin, Las Vegas, Phoenix, Jacksonville, Orlando, Indiana and Tennessee, and claims average net-operating-income growth of 45.8% since take-over. It operated as Karya Property Management until August 2021, when it renamed itself alongside its settlement of a trade-secrets suit brought by software vendor ResMan, a settlement its own release says left a court’s permanent injunction over the software in place. The arbitration award that recognised Vivek Shah’s stake covers KPM and KPM Global as well as Nitya Capital, so the manager sits inside the same contested ownership structure as the sponsor.
The so-what is specific and documented. In October 2025, the $63.5 million loan on the Muse and Eden Pointe moved into special servicing, not because the properties missed payments, but because a receiver was appointed following city code violations at the Muse. Morningstar had the pair’s 2024 net cash flow running 11% above issuance expectations. In other words, a property that was outperforming its underwriting was pulled into a workout by a property-management failure, at a property managed by the sponsor’s own arm. That is the precise risk vertical integration is supposed to eliminate, and here it is the transmission channel instead.
The Jacksonville record sharpens the same point. Because KPM manages every Nitya property there, the UNF study’s owner table and its property-manager table carry the identical 957 filings: owner and operator are the same decision-maker, so there is no daylight between the investment strategy and how it is executed on residents. The cost of that alignment: with no independent third-party manager, there is no external check on operations, no arm’s-length party whose fee depends on maintaining the asset, and, given the BBB record, no evidence that the in-house model is producing better resident outcomes than an outsourced one would. Agarwal’s own efficiency argument in June 2026 was about cost, not quality: trimming overhead, integrating artificial intelligence and cutting insurance spend “to make the math work.”
Recent activity
Jun 2026Negative
Forbearance at $1M a month on three DFW communities
Distress
After foreclosure notices in May, Agarwal paid One William Street Capital Management $1 million on June 1 to postpone the June 2 auction of The Interlace, The Palace and Chaparral, with further monthly extensions at $1 million each to a $5 million ceiling. He said a Morgan Stanley refinance was in its final stages; Morgan Stanley declined to comment. Roddy's June 2 sale list did not include the assets.
Waco and Denton student housing to special servicing
Distress
The 318-unit Texas SH Portfolio entered special servicing after the property-tax exemption its loan assumed could not be secured under changed Texas law, requiring a paydown to a 10.33% debt yield. Swapnil and Deepika Agarwal are the named loan sponsors. Agarwal said Denton had approved the exemption and Waco would follow; the McLennan chief appraiser said no exemption is in place.
Receiver appointed; Muse and Eden Pointe loan to special servicing
Distress
A $63.5 million loan on the Muse (Dallas) and Eden Pointe (Houston) transferred to special servicing after a receiver was appointed following code violations at the Muse. Agarwal said the loan was current with no back payment and that the violations had all been addressed, with a city mediation under way alongside servicer Rialto.
Co-founder asks federal court to enforce arbitration award
Governance
Vivek Shah petitioned the Northern District of Texas to confirm a June 2025 arbitration award recognising his 40% of Nitya Capital, 27% of KPM Property Management and KPM Global, 33.33% of the 8901 Gaylord office building, veto power over major decisions and equal-governing-partner status. He said Agarwal withheld information about the $700 million refinancing.
Nitya closed a $700 million fixed-rate CMBS refinancing covering 18 multifamily and student-housing properties across Texas, Tennessee, Arizona, Nevada, North Carolina and South Carolina, originated and securitized by Citibank. It resolved the $356 million maturity default and folded in six Class A student-housing assets. Agarwal called it validation of the portfolio's 'enduring strength'; this is the last item on the firm's own news page.
Nitya failed to pay off a $356 million CMBS loan tied to 2,700 units across 12 properties (the Hatteras portfolio), when it matured, and the loan was transferred to special servicing. It stayed unresolved until the June 2025 Citi refinancing.
Nitya published two announcements in July 2024: paying off a $400 million Capital One credit facility line and completing a $218 million refinancing. Both are the sponsor's own releases; neither has independent trade-press corroboration on the public record.
Nitya sold three Texas communities: the 297-unit Treehouse (Austin), 208-unit Stonecreek (Katy) and 168-unit Waterstone Place (Stafford), 673 units in all, to Houston syndicator Disrupt Equity, which took the assets by assuming a $68 million CMBS loan Nitya had placed in 2019. Combined appraised value was near $80 million; Newmark brokered. An early, orderly disposition into the cycle rather than a distressed one.
Sale-leasebacks into a public facility corporation
Structure
Nitya executed sale-leasebacks on The Interlace, The Palace and Chaparral with the Austin-based Texas Essential Housing Public Facility Corporation, securing property-tax exemptions weeks before House Bill 2071 closed the loophole allowing PFCs to operate outside their home jurisdictions.
Interest costs jump $60M; 40% of portfolio marketed
Distress
MarketWatch reported that Nitya's annual interest payments had risen by $60 million after roughly $2 billion of loans taken on 2021 acquisitions, and that the firm was seeking to sell 40% of its portfolio, citing Real Estate Alert and Barclays research. Agarwal characterised the sales as business as usual and pointed to interest-rate caps struck at about 2%.
Agarwal told Multifamily Dive that September 2021 was his last conventional apartment purchase. The firm's final new Form D followed a year later, in September 2022 (Sunbelt Portfolio Investors, LLC: $26.8 million raised from 296 investors).
Nitya acquired the 804-unit Muse in Dallas (one of the largest communities in the metro, built in 1969), from S2 Capital, with NorthMarq representing the seller, and invested roughly $1.5 million in renovations. The same asset entered special servicing in 2025.
Swapnil Agarwal opened Nitya Capital in Houston after energy investment banking at Simmons & Company and Asia-Pacific real-estate private equity at Forum Partners. Co-founder Vivek Shah, whom he met in high school and who followed the same path through Simmons & Company and UT Austin, built the firm alongside him.
Refresh method: Multifamily Dive (closest to the story and quoting Agarwal directly), The Real Deal’s Texas desk, Morningstar Credit servicer reporting, Roddy’s foreclosure postings for Dallas and Tarrant counties, and new Form D filings. Note that Nitya’s own news page has published nothing since the June 2025 refinancing announcement.
Sources of capital
Nitya raised from individual accredited investors one deal at a time, with 45 Form D filings that are almost all single-property LLCs and no institutional LP, commingled fund or named feeder anywhere in the public record, so investors hold single assets rather than a diversified pool. The only institutions in the stack are lenders (Citibank, One William Street, Argentic, Capital One); the minimum is $25,000, and fees and waterfall are unpublished because neither Nitya nor Agarwal is a registered adviser.
How Nitya Capital compares
S2 Capital: sold Nitya The Muse in 2020 and is further along the same path, with a first fund dissolving and six communities posted for trustee sale.
Madera Residential: a Texas multifamily operator of comparable vintage with one foreclosure posting rather than a portfolio of special-servicing transfers, useful as a severity benchmark.
CAF Capital Partners: the disclosure contrast. CAF publishes per-deal LP IRRs; Nitya publishes none, which is why this profile leans on servicer and court records instead.
Public-filing data for informational purposes; scores and grades are editorial opinions. Not investment advice, and not a consumer report. Spot something wrong? Report a correction · Full disclaimers.
Frequently asked
What does Nitya Capital invest in?
Value-add Class B and C apartments plus Class A student housing, concentrated in Texas and the wider Sun Belt. Founder Swapnil Agarwal told Multifamily Dive in June 2026 that the firm holds 52 properties: 40 conventional apartment assets totalling about 10,000 units, plus roughly 5,000 student-housing beds. The firm was founded in 2013, per its own site.
Who founded and runs Nitya Capital?
Swapnil Agarwal founded the firm in 2013 and signs its SEC Form D filings as President. Vivek Shah is the co-founder; The Real Deal reported in July 2025 that an arbitration award gave Shah 40 percent of Nitya Capital, 27 percent of KPM Property Management and KPM Global, veto power over major business decisions, and rights as an equal governing partner, and that Shah asked a federal court to compel Agarwal to comply. Nitya's public team page lists only Agarwal.
Where is Nitya Capital headquartered?
8901 Gaylord Drive, Suite 100, Houston, TX 77024, per its SEC Form D filings. The firm's about page also lists offices in Dallas and Bahrain.
How big is Nitya Capital?
The sponsor's site reports $3.0 billion of AUM and $10.0 billion of total transaction volume: self-reported and unaudited. The independently sourced figure is the CEO's own June 2026 statement to Multifamily Dive: 52 properties and roughly 15,000 units.
Is Nitya Capital in financial distress?
Yes, and it is well documented. Nitya failed to pay off a $356 million CMBS loan at maturity in 2024. In May 2026 three North Texas communities received foreclosure notices on roughly $70 million of debt; Agarwal paid lender One William Street Capital Management $1 million on June 1, 2026 to postpone the auction, under an arrangement he said could total $5 million. Two separate loans (one on the Muse and Eden Pointe, one on a Waco/Denton student-housing pair), sit in special servicing.
What are Nitya Capital's minimums and fees?
The minimum investment is $25,000 per deal across its Form D filings. Fees and waterfall terms are not published. The filings do disclose acquisition fees paid to the sponsor's affiliate Nitya AM, LLC: on Sunbelt Portfolio Investors, LLC (2022) that fee was an estimated $2,991,517 against a $34.6 million offering. Agarwal told Multifamily Dive in June 2026 that he has taken no fees for four years.
Who are Nitya Capital's investors?
Individual accredited investors, raised deal by deal. Its 45 Form D filings cover 37 single-purpose entities at a $25,000 minimum; the two filings reviewed in full disclose 392 and 296 investors. No public pension, sovereign-wealth fund, insurer or other institutional LP appears in SEC filings, pension disclosures or trade press. Its capital relationships with institutions are on the debt side: Citi, Capital One, Argentic and One William Street among them.
Has Nitya Capital faced SEC enforcement or litigation?
No SEC enforcement action naming Nitya Capital or Swapnil Agarwal appears in EDGAR full-text search across all form types (2026-07-28); the 120 filings naming the firm and 202 naming Agarwal are all Form D vehicle filings. Neither is registered as an investment adviser, so there is no Form ADV disclosure record. On the civil side, the City of Mesquite sued a Nitya affiliate over conditions at Tradewind Apartments, and co-founder Vivek Shah petitioned a federal court in 2025 to enforce an arbitration award against Agarwal. Separately, University of North Florida researchers using University of Florida Shimberg Center data found Nitya was the largest eviction filer of any landlord in Duval County, Florida in 2022, with 957 filings.
Revision history4entries
The SEC-enforcement screen was re-run and its citation corrected. The previous screen cited an EDGAR full-text query filtered to `forms=AAER`, which cannot return a result for any term: AAER releases are SEC administrative publications, not EDGAR filings, so the filter selects a form type that does not exist. Verified by control: `the`, `fraud` and `securities` each return 0 under `forms=AAER` while the same terms unfiltered return 10,000+. The 120 filings naming Nitya Capital and 202 naming Swapnil Agarwal are all Form D or D/A vehicle filings; no enforcement matter. The same '0 AAER hits' claim was corrected in the enforcement FAQ.
Sources of capital condensed to a two-sentence statement with inline sources. The section had grown to 11-131 lines per page of LP cards, fund cards and audit trail; the facts that decide an allocation (who the capital comes from, and who absorbs a loss) were being carried by a slab most readers skip. Every claim and link in the short version is carried over from the long one, and the per-vehicle detail remains in git history, in the FAQ entries for minimums and fees, and in `sources[].gave:`. No score changed: the lens is value-mode and carries no weight in the hero grade.
Initial publish. Structure and economics taken from 45 SEC Form D filings (Swapnil Agarwal sole related person on every one; $25,000 minimum; Rule 506(c); Nitya AM, LLC sole manager; Sunbelt Portfolio Investors disclosing an estimated $2,991,517 acquisition fee against a $34.6M offering). Distress documented from The Real Deal and Multifamily Dive citing Morningstar Credit and Roddy's Foreclosure Listing Service: $356M unpaid at maturity (2024), $700M Citi refinance (June 2025), Muse/Eden Pointe special servicing (Oct 2025), Texas SH Portfolio special servicing (Apr 2026), foreclosure notices on three North Texas communities and a $1M-a-month forbearance (May–June 2026). Governance dispute recorded from The Real Deal's report of the June 2025 arbitration award to co-founder Vivek Shah, alongside the 2021 Form D statement that Nitya Capital was wholly owned by Agarwal. SEC enforcement, Form ADV and RealPage/MDL-3071 screens run clean. Resident reputation sampled across nine communities (3,438 reviews, weighted 3.26/5); Our read of the management arm's BBB file is Negative: 15 complaints, none answered. Grade F/31 derives from the four weighted lenses. The management arm's 2021 ResMan trade-secrets settlement was traced to Karya's own PR Newswire release, which discloses that the court's permanent injunction over the software survived the settlement and dates the Karya-to-KPM rename to it.
Added the Jacksonville record after verifying it against the source PDF: a University of North Florida study using University of Florida Shimberg Center filing data found Nitya was Duval County's largest eviction-filing landlord in 2022 at 957 filings, 2.5x the next largest, with four communities in the county top twenty generating 841 filings across 875 units, and KPM topping the property-manager table with the identical figure. The same study enumerates 9 Nitya-owned Duval properties totalling 1,087 units, all acquired in 2021–22: the largest single-metro cluster now documented on this page, added to the map and property grid. Online reputation cut from 32 to 26 and the overall grade from 31 to 30. Also surfaced a three-year gap between the sponsor's stated 2013 founding and the first Form D naming Nitya Capital (January 2016), and corrected the Form D count framing to 45 filings across 37 distinct issuer entities.
