Tides on 51st, Phoenix
Project AV² · 872 Units · Accredited Investors Only

The Capital Structure Failed. The Real Estate Didn't.

872 institutional-quality apartments across Austin, Dallas, Phoenix and Las Vegas, acquired directly from the lenders at $109K per unit, 32% below their recent values. Targeting 16.6% average annual cash distributions and a 42% net IRR over 3 years.

Project AV² walkthrough video Deal Walkthrough 07:42
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16.6%
Avg annual cash-on-cash*
42%
Target net investor IRR*
2.64x
Target net equity multiple*
Why This Opportunity Exists

Lenders don't want to own apartments. We do.

Project AV² is a lender-sourced acquisition. The buildings were never the problem. The debt behind them was.

1

Loans from 2020-22 matured into higher rates

Billions in multifamily debt was written when rates were near zero. As those loans matured, refinancing proceeds fell and equity dried up. The prior owners' structures failed even where the properties performed.

2

Institutional lenders became owners

Three institutional lenders ended up holding these 5 communities. Lenders are not apartment managers, and holding foreclosed real estate is expensive for them. They need experienced buyers they trust.

3

They sold to Nitya at a discount, and financed it

We acquired the portfolio at $95.0MM, 32% below its recent values, and the selling lenders provided $82.9MM of the purchase price in financing at a 2.9% fixed rate. That is not available on the open market.

The Numbers

Bought at $109K a unit. It costs $250K+ to build one.

Every return in this deal starts from the entry price, not from optimistic growth assumptions.

$108,978
Purchase price per unit
$95.0MM for 872 units
32%
Below recent values
$160K per unit in 2021
56%
Below replacement cost
$250K+ per unit to build today
2.9%
Fixed seller financing
$82.9MM · 87% of purchase price
74% → 94%
Occupancy plan
Lease-up, not speculation
$6.3MM → $8.2MM
NOI path, Year 1 to stabilized
6.6% to 8.3% yield on cost
$18.6MM
Total investor equity
Low equity, high current yield
150-200%
Est. Year 1 depreciation
Invest $100K, deduct up to $200K*
*Projected figures from the July 2026 offering materials. Projections are not guarantees. Tax outcomes depend on your situation; consult your CPA.
The Portfolio

5 communities. 4 Sunbelt growth markets.

Institutional-quality assets in Austin, Dallas, Phoenix and Las Vegas. Not fundamentally distressed, just priced like they were.

The Marion, Dallas

The Marion

Dallas, Texas

Dallas
Verde Apartments, Austin

Verde Apartments

Austin, Texas

Austin
Tides on 51st, Phoenix

Tides on 51st

Phoenix, Arizona

Phoenix
SITE Fifty55, Las Vegas

SITE Fifty55

Las Vegas, Nevada

Las Vegas
SITE Summit North, Las Vegas

SITE Summit North

Las Vegas, Nevada

Las Vegas
The Plan

A simple plan that doesn't need the market to save it.

No rate cuts required. No cap rate compression assumed. The returns are driven by filling units we already own at a discount.

1

Stabilize occupancy

Take the portfolio from 74.2% occupied to 93.9% with Nitya's in-house management, AI-enabled leasing and completed make-readies.

2

Grow the income

NOI climbs from $6.3MM in Year 1 to $8.2MM at stabilization, driven by lease-up and expense control rather than speculative rent growth.

3

Refinance the debt

Stabilized occupancy and higher NOI open agency, bank and CMBS refinancing, replacing the seller financing with long-term permanent debt.

4

Return your capital

The refinancing targets returning a substantial portion, or all, of investor equity while you keep your full ownership and the upside.

Downside Protection

Underwritten to work even if prices never recover.

1.5x even at today's price

With 50% of equity projected back through distributions during the 3-year hold, investors are projected to reach a 1.5x multiple even if the portfolio sold at today's depressed entry price.

A basis nobody can build at

All-in cost of $116K per unit against $250K+ per unit replacement cost. New supply cannot undercut you when it costs more than twice your basis to build.

Liquidity from day one

The investment will be listed on USREM, an SEC-registered secondary marketplace, so you can sell or borrow against your interest before the exit if life changes.

Track Record

We've done this before. 82 times.

Nitya Capital has operated multifamily real estate for 13 years with vertically integrated, in-house property management.

82
Full-cycle exits since 2013
$1B+
Returned to investors
0
Investor capital losses
1,300+
Units bought from lenders in 2026

Harbor Sky · Portland

Acquired 2024 at 77% occupancy. Now 93% occupied under Nitya management, the same lease-up playbook planned for Project AV².

Tides at Spring Mountain · Las Vegas

Acquired 2025 at 61% occupancy. Now 90% occupied, proving the model works even from a far deeper starting point than AV²'s 74%.

Next Step

Book your investor call.

20 minutes with Nitya's investor relations team. We walk through the deal, send you the full offering memorandum, and answer every question. No obligation to invest.

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FAQ

Questions investors ask us first.

Who can invest in Project AV²? +
This is a 506(c) offering open to accredited investors. You qualify if you earned $200K+ in each of the last 2 years ($300K+ jointly with a spouse), or hold $1MM+ in net worth excluding your primary residence. Accreditation is verified during onboarding.
What is the minimum investment? +
The minimum investment is $100K. Larger allocations and entity investments (LLCs, trusts, self-directed IRAs) are discussed on your call with investor relations.
How long is my money committed? +
The target hold is 3 years. Two things can shorten your effective commitment: the planned refinancing targets returning a substantial portion of your capital before exit, and the investment will be listed on USREM, a secondary marketplace where you can sell or borrow against your interest at any point.
When do distributions start, and how much? +
Distributions are paid quarterly and start from day one, because the 2.9% seller financing makes the portfolio cash flow positive immediately. Projections average 16.6% annual cash-on-cash: 14.0% in Year 1, 18.8% in Year 2 and 17.1% in Year 3.
What are the tax benefits? +
The offering estimates 150-200% first-year depreciation through cost segregation and bonus depreciation. In plain terms, a $100K investment is estimated to generate $150K-$200K in first-year paper losses that can offset passive income. You receive a K-1 each year. Your outcome depends on your tax situation, so confirm with your CPA.
What protects my downside? +
The entry basis. We bought at $109K per unit against $160K recent values and $250K+ replacement cost, with fixed 2.9% debt and no near-term maturity pressure. Even a sale at today's depressed price is projected to return roughly 1.5x once distributions are counted. The assets themselves were never distressed; the prior owners' debt was.
Why would lenders sell this cheap and finance the buyer? +
Because owning foreclosed apartments is worse for a lender than a clean, financed sale to a proven buyer. Lenders are required to hold reserves against owned real estate, they have no management capability, and a financed sale at 2.9% converts a problem asset back into a performing loan. Nitya has closed 5 lender-sourced acquisitions totaling 1,300+ units since the start of 2026.
What are the fees? +
The deal carries a standard asset management fee and a GP performance share, both detailed line by line in the confidential offering memorandum you receive after your call. All return figures shown on this page (16.6% cash-on-cash, 42% IRR, 2.64x) are net to investors, after all fees.
What happens on the call? +
A 20-30 minute conversation with Nitya's investor relations team. We walk through the portfolio, the financing and the numbers, send you the offering memorandum, and explain the subscription steps if you decide to move forward. There is no obligation and no pressure.

872 units. $109K each. The window is the entry price.

Deals like this exist only while lenders still hold assets they need to move. Book the call, see the full memorandum, and decide with everything on the table.

Book Your Investor Call