Knightvest Capital is cashing in on Dallas-Fort Worth’s intensifying multifamily investment market with the listing of a suburban apartment complex.
The Dallas-based firm is selling the 486-unit Harlowe Apartments at 2525 Texas State Highway 360 in Euless, near DFW International Airport.
An asking price wasn’t disclosed for the complex, which was built in 2001. The Tarrant Appraisal District valued it at $109 million this year. The firm bought the complex in 2021, deed records show.
JLL is marketing the 96-percent leased asset as a “proven value-add upside,” with the potential for a buyer to expand on Knightvest’s renovations. Listings show units for rent at $1,300 to $1,925, and management is offering $1,000 Amazon gift cards to tenants who lease before the end of the month.
Knightvest spent over $7 million on capital improvements over three years, according to a marketing flier. Upgrades included paint, WiFi, electric vehicle chargers, sidewalk and parking lot repairs and modernizations to the clubhouse, leasing center and fitness center.
The firm upgraded 161 units, increasing rents by an average of $206 per unit. A buyer could increase rents by upgrading more units.
The listing comes as the multifamily investment market is surging back to life, with interest rates expected to drop and rental rates swing upward after last year’s lull.
Deal volume is heating up. The California State Teachers’ Retirement System just listed its high rise apartment complex in Uptown Dallas, and three more multifamily assets were traded this month: S2 Capital’s purchase of 238 units in Carrollton, American Landmark Apartments’ 366-unit buy in Fate, and Vistria and Waterford’s affordable housing play in Oak Cliff.
The complex sits at the north end of the Villages of Bear Creek subdivision, where the median monthly rent is about $1,600, according to online listings, and the average household income is $128,000 in its 3-mile radius.
Knightvest specializes in buying apartment complexes, renovating them and selling them off — in both up and down markets, Knightvest founder David Moore said last year. The investment group borrowed over $40 million last month to snag the 240-unit Encore Apartments complex in Plano, one of Dallas’ hottest multifamily markets.
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