Knightvest Capital Acquires 1st Property for 2nd Fund
The suburban Dallas apartment community was constructed in 2013.
Marking the first investment of its newest fund, Knightvest Capital has acquired Encore Apartments, a community in Plano, Texas, in the Dallas-Fort Worth area.
The 240-unit property is the first acquisition for Knightvest Capital’s second investment vehicle, which targets assets ripe for repositioning. As is its common strategy, Knightvest plans to upgrade the community, renovating its interiors, modernizing property amenities and adding a resident lounge. Among the common area amenities offered at the community are a resort-style pool and fitness center.
The Plano area has 108 apartment communities totaling 34,245 apartment homes as of May 2024, with Yardi Matrix rating it an A- location.
Recent acquisitions
Since its founding in 2007, Knightvest has invested over $10 billion to acquire over 60,000 units across high-growth metro areas in Texas, Arizona, the Carolinas, and Florida.
Earlier this year, the company acquired the former Tribeca Apartments, later renamed the Dorian Apartments, also in Plano. That 398-unit community was purchased from White Oak Partners with Invesco Real Estate providing a $70 million loan. Also in recent months, the company acquired Discovery at Shadow Creek Ranch, a 347-unit garden-style community in Pearland, Texas, near Houston. That property was purchased from CBRE Investment Management.
