Knightvest Acquires Fort Worth Community
The garden-style property was completed in 2002.
Knightvest Capital has acquired the Verandas at Cityview, a 314-unit community in Fort Worth, Texas. The purchase marks the firm’s first community in the market and its fourth acquisition through Knightvest’s Fund II.
The property last traded hands in November 2021 when it was acquired by Magma Equities for an estimated $62.5 million, according to Yardi Matrix data. Following its purchase by Knightvest, it has been rebranded to Lauren.
The garden-style community, completed in 2002, is located in the Benbrook submarket of South Fort Worth. It is situated at 7301 Oakmont Blvd. Also in the area, Knightvest has upgraded and operated three other properties.
“The property is compelling because it is located in an area where we have a strong track record of delivering value-add renovations, and it was also purchased at a significant discount to its replacement cost,” David Moore, founder and CEO of Knightvest, told Multi-Housing News.
Fort Worth is among the fastest-growing major cities in Texas, “and we’re increasingly excited about the market given the city’s sustained population growth, strong economic outlook and the success of our previous acquisitions in the area,” Moore said.
The community features one-, two- and three-bedroom apartments as well as townhome-style two- and three-bedrooms. Units range from 637 to 1,637 square feet, according to the same data.
At the time of the sale the property was 93 percent occupied. Knightvest is planning enhancements to the Lauren’s amenities, including its dog park, fitness center and the pool area.
In November, Knightvest Capital acquired the San Cierra Apartments, a 362-unit community in Houston. The company is planning to implement capital improvements to the townhome-style property. It consists of one- to three-bedroom layouts.
Sentiment survey indicates more renters by choice
Knightvest Capital found shifts in attitude toward homeownership in its second annual Renter Sentiment survey, released in November. The report indicated that a significant trend is emerging as more people opt for renting by choice.
About half of renters surveyed by the report noted that they actively choose to rent rather than feeling compelled to do so. Additionally, 42 percent view renting as a long-term solution, planning to stay renters for five years or more.
Almost half of renters, or 45 percent, no longer see homeownership as a status symbol, and 33 percent feel uninterested in owning a home—an attitude that has slightly increased since last year.
