Knightvest Residential just acquired its 26th multifamily community in the metroplex.
The Dallas-based investors purchased the Kade apartments in Dallas’ Oak Lawn district, the Dallas Morning News reported. Knightvest borrowed $55 million from Walton Street Capital to purchase the 348-unit complex from an investment entity represented by Goldman Sachs, according to county records. That’s about $158,000 per unit.
Rent at the nine-building community at 3301 Hudnall Street typically goes for about $1,400 a month. Built in 2015, it used to be called Locale.
Knightvest Residential owns dozens of multifamily complexes across Texas, Oklahoma, North Carolina, Florida and Arizona. Founded in 2007, the firm conceives “exceptional returns for investors through a narrow focus on key markets,” its website states.
Despite consistently rising rental costs, more than 58 percent of Dallas-area renters chose to renew their leases rather than move this October, according to a recent Yardi report. Apartment demand in the Metroplex dipped for the first time in five years last summer.
Despite market fears, DFW still leads the nation in apartment construction, and top developers in the area are announcing new projects every week. At the end of the third quarter, a record 63,562 apartments were being built in North Texas, according to a RealPage report.
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— Erick Pirayesh