Knightvest Acquires in Dallas
This purchase is the sixth investment in the company's Fund II.
Knightvest Capital has added to its Dallas portfolio with the acquisition of SKYE of Turtle Creek, a 331-unit community. The purchase marks the sixth investment in Knightvest’s Fund II.
The building was completed in 1998 and purchased as a value-add opportunity. Mostly in its original condition, the community will soon undergo renovations to its units, common areas and exterior. It has been rebranded as Remi.
The community was 97 percent occupied at the time of the sale, Yardi Matrix data shows. It features one-, two- and three-bedroom layouts ranging from 843 to 1,511 square feet.
Community amenities include a fitness center, business center, pool, spa and 600 parking spaces. The property last traded in 2006, according to the same data, when it was acquired by GID for $61 million.
Knightvest founder and CEO David Moore told Multi-Housing News that Remi is one of the select few multifamily properties with direct access to the Katy Trail. The community is also located nearby some of the city’s most prolific office developments in Maple Terrace, 23Springs, and Goldman Sachs’ Dallas campus.
Residents at the Remi will have direct access to walkable areas such as Victory Park, Downtown Dallas, the Harwood District and will be nearby other dining, entertainment and retail options.
The Dallas draw
Uptown Dallas is particularly attractive for value-add properties due to several key factors, according to Yardi Matrix. The area is in one of the fastest-growing metros in the U.S., with robust economic underpinnings. This growth supports a strong rental market and provides a stable environment for real estate investments.
The area also has a high demand for rental properties, driven by continuous job growth and population influx. This demand supports higher occupancy rates and rental income potential as repositioned communities attract higher-paying renters.
Knightvest Capital was active in the Dallas area last month when it acquired a 417-unit community that it intends to upgrade. The five-story property, Belclaire, is roughly 88 percent occupied near the Southern Methodist University campus and will be available to students.
Late last year, Knightvest acquired the Verandas at Cityview, a 314-unit community in Fort Worth. It was the first community that the firm purchased in that market and marked its fourth acquisition through Knightvest’s Fund II.
