Redefining Multifamily Operations with Data and Discipline: How Karthik Kirupakaran Is Bringing Private-Equity Precision to Real Estate

In an industry long powered by intuition, Karthik Kirupakaran is part of a small but growing group of leaders applying private-equity rigor to multifamily operations. He believes the same frameworks that drive portfolio performance in private equity—real-time data visibility, measurable outcomes, and disciplined execution—can be used to transform how real estate performs at scale.

Kirupakaran's background shaped that belief. He holds a Master's degree in Management Information Systems from the University of Illinois at Chicago and an MBA from Northwestern University's Kellogg School of Management. His educational experience at these highly respected institutions prepared him for a long and successful career in the world of entrepreneurship and equipped him with the discipline and disruptive perspective to be a true innovator in his field.

Before moving into real estate operations, Kirupakaran spent more than a decade in consulting and investment roles at Vista Equity Partners, Alvarez & Marsal, and AlixPartners, where he specialized in portfolio performance improvement, technology integration, and operational transformation. "Those years taught me how to think like an investor—every operational detail has a measurable impact on enterprise value," he says.

How Karthik Kirupakaran Is Revolutionizing the Multifamily Space Through Data-Driven Transformation

That mindset now drives Kirupakaran's work in the multifamily space, where he has led efforts to introduce data intelligence, automation, and process standardization across thousands of residential units in Texas and the Sun Belt. His methods have delivered tangible outcomes—double-digit NOI growth across stabilized assets, measurable reductions in delinquency, and stronger resident satisfaction scores that reinforce long-term asset value.

"Operations is where margin is won or lost," Kirupakaran says. "When you can see performance in real time, you can act before value slips away. That's what private-equity thinking looks like in property management."

Kirupakaran's leadership philosophy rests on three pillars: transparency, automation, and adoption. Transparency creates accountability; automation eliminates repetitive, low-impact work; and adoption ensures the systems actually deliver.

"Technology should make the work easier, not louder," he adds. "If the conversation is about the tool and not the outcome, it's missing the point."

Kirupakaran's career has been marked by tremendous professional accomplishments, both for his own companies as well as those he has worked with in the capacity of being a strategic advisor. For example, during his tenure at Vista Equity Partners, he spearheaded operational turnarounds at Apptio and Zego, leading to successful exits totaling approximately $5 billion. He has also worked on notable M&A projects, including Alvarez & Marsal's involvement in Array + STI Norland (Blackstone) and Legends + ASM Global (Sixth Street/Apollo/Oaktree).

Colleagues describe Kirupakaran's style as analytical but grounded—an operator who balances quantitative discipline with human understanding. He credits that to his consulting years, where success meant not only solving technical problems but building trust across teams.

"You learn how to make change sustainable," Kirupakaran says. "In private equity, you can't afford quick wins that don't stick. I approach property operations the same way."

"Karthik approaches transformation like a strategist and a coach," adds Louis De Olden, Managing Director at Alvarez & Marsal. "He connects process with purpose and ensures teams understand how technology serves the larger mission."

A Successful Portfolio Driven by Digital Transformation

Now, Kirupakaran serves as the CEO of Old Three Hundred Capital, also known as OTH Capital, an Austin-based private equity firm that focuses on the acquisition and development of commercial real estate. "Leveraging a fully integrated platform of property management, construction, and maintenance, we have developed a tried-and-true investment thesis and model that we apply to each and every investment," says Kirupakaran. "We stand out thanks to our vertically integrated property management arm—a rarity in our industry."

During his time at OTH Capital, Kirupakaran has worked tirelessly to leverage tech-enabled operations and hands-on revenue management to recover underperforming assets and recapture more than $150 million in asset value across both OTH and a third-party-managed portfolio across Texas. His unique vision for digital transformation as a leadership discipline has allowed him to implement data-driven transformations that have led to a severalfold improvement in efficiency and sales scalability.

Karthik is currently leading the charge of OTH Capital's latest $100M+ acquisitions in San Antonio River House Apartments along San Antonio River Walk—a 261-unit garden-style multifamily community located at 122 Roy Smith St, San Antonio, TX 78215—and 1800 Broadway, a 230-unit urban luxury apartment community near the Pearl district and River Walk. With an average occupancy and leasing rate of 95%, technology package updates, extensive amenities, and a planned interior renovation, OTH Capital will prepare both River House and 1800 Broadway Apartments to compete in the high-growth landscape of San Antonio, where there is an incredible demand for multifamily housing driven by consistent job and population growth.

As the Sun Belt continues to attract investment, Kirupakaran sees the next edge in real estate coming from operational precision—not just acquisitions. "Execution creates enterprise value," he says. "That's true in every industry I've worked in—and it's finally becoming true in real estate."