Knightvest Capital has expanded its multifamily presence in the Dallas area with its acquisition of a 398-unit community in Plano, Texas. The developer closed its acquisition of Tribeca Apartments in December and has since rebranded the community “Dorian Apartments”. The community was purchased from White Oak Partners with the help of a $70 million loan provided by Invesco Real Estate, according to Yardi Matrix data.
Built in 2008, Dorian Apartments offers one- and two-bedroom units averaging 910 square feet and located throughout nine residential buildings. The units were built with kitchen islands, built-in computer desks and full-sized washers and dryers. Community amenities include a fitness center, playground, outdoor fire pit, grilling area and package delivery service, as well as pools, courtyards and dry cleaning lockers. The community is 93.2 percent occupied, according to Yardi Matrix data.
David Moore, founder & CEO of Knightvest Capital, said in prepared remarks that the acquisition fit into its strategy of buying institutional quality assets and renovating them into design-driven communities. The new ownership plans to improve the community by renovating unit interiors as well as the property amenities, including the fitness center, pool area and clubhouse.
Repositioning Sun Belt communities
Besides its plans for renovations at Dorian Apartments, Knightvest Capital will be working on renovations at other recently acquired communities. In May, the company partnered with Invesco Real Estate to acquire The Apartments at Bryden, a 332-unit community in Fort Mill, S.C., with plans for capital improvements. More recently, the firm purchased the 336-unit Autumn Ranch on Swenson Farms in Pflugerville, Texas.
The company has specialized in renovating and repositioning multifamily properties since its founding in 2007. Overall, the company has invested more than $10 billion in acquiring more than 55,000 units across high-growth metros in Texas, Arizona, Florida and North and South Carolina. In August, Knightvest sold off its 216-unit Reagan at Bear Creek in Euless, Texas. It had acquired the property in September 2017, undertaking renovations that led to an 80 percent increase in rents.
