Knightvest Capital Bets on Uptown Dallas With Ardan Purchase

Knightvest Capital is doubling down on Dallas’ urban core, snapping up a Class A Uptown apartment building with plans to elevate rents through a fresh round of upgrades.

The Dallas-based multifamily investor acquired the 23-story, 389-unit Ardan building at 2975 Blackburn Street, a high-rise in the West Village enclave, according to a press release. The seller was New York-based Brookfield Properties. A joint venture between Dallas-based Cityplace Company and Cleveland-based Forest City Realty Trust developed the building in 2018. Forest City was later acquired by Brookfield, as previously reported by The Real Deal.

Knighvest declined to disclose terms of its purchase.

The purchase fits into Knightvest’s value-add strategy of buying institutional-quality properties at a discount, then investing heavily to reposition them against newer competition, according to the release. Founder and CEO David Moore framed the deal in a statement as an opportunity to capture “deep discounts to replacement cost,” while setting up a long-term upside as market conditions improve.

The firm plans to overhaul amenity spaces, including the clubhouse, fitness center and pool, while selectively upgrading units. Common areas, landscaping and tech offerings — like smart-home features and bulk WiFi — are also in line for improvements, according to the release.

The goal is to push the property back into the top tier of Uptown’s increasingly competitive luxury segment, where a steady pipeline of new development has raised the bar for amenities and design. Current monthly rents at the building range from $2,046 to $5,607, according to Yardi Matrix. The average apartment size of its one- and two-bedroom units is just under 1,000 square feet.

The apartment building’s site is as important to Knightvest as the planned renovations, according to the statement. Ardan sits in one of Dallas’ most walkable and affluent districts, with quick access to Uptown, downtown, Knox-Henderson and the Katy Trail — a combination that has helped the submarket maintain strong renter demand even as supply has grown.

The acquisition also deepens Knightvest’s concentration in Dallas, a strategy that prioritizes operational efficiency and local market knowledge. Since launching in 2007, the firm has built a portfolio of more than 65,000 units and invested more than $11 billion across Sun Belt growth markets, focusing heavily on renovations, according to the firm’s website.

— Eric Weilbacher