Knightvest Breaks 35,000-Unit Mark With Houston Purchase
The firm scored a $35.8 million Freddie Mac acquisition loan.
Knightvest Capital has purchased Discovery at Shadow Creek Ranch, a 347-unit garden-style community in Pearland, Texas. The previous owner was CBRE Investment Management according to Yardi Matrix data.
Public records show Knightvest took out a $35.8 million Freddie Mac acquisition loan from Berkadia. The new owner plans to renovate the asset and rename it to Barron Park.
Completed in 2010, the property comprises one- to three-bedroom floorplans, ranging from 642 and 1,487 square feet, spread throughout 12 buildings. Apartments feature kitchen islands, patios or balconies, as well as storage closets. Select units have walk-in closets, double bathroom sinks and direct garage entry.
Community amenities include a gym, swimming pool and recreation room, alongside barbeque grills spread throughout the courtyard. Knightvest’s renovation efforts will be focused on upgrading the gym, swimming pool and clubhouse.
Located at 2526 Business Center Drive, the 18-acre community is less than 1 mile away from the Texas State Highway 288, with downtown Houston being roughly 14 miles northeast. Employers such as Mitsubishi and HCA Houston Healthcare Pearland are within a 3-mile radius. Pearland Town Center is less than 1 mile away.
Knightvest conquers the Southwest
With this acquisition, the firm’s US footprint grew to more than 35,000 units. Nearly 24,900 apartments are clustered in the Southwest, according to Yardi Matrix data. The firm’s metro Houston portfolio totals roughly 9,900 units.
Zooming in further, the Dallas-Fort Worth market holds north of 11,000 Knightvest units. The company recently bolstered its presence in the metro with the acquisition of Dorian Apartments, a 398-unit community that it also rebranded and plans to further renovate.
