DALLAS & NEW YORK – (BUSINESS WIRE) – KKR, a leading global investment firm; Kairoi Residential (Kairoi), a national multi-family investment, development and property management company; KBS, one of the best known investors in first class commercial real estate; and Southern Land Company (SLC), a national real estate developer of mixed-use developments and master plan communities, announced today that KKR and Kairoi Novē in Knox have acquired from KBS and SLC. Kairoi will run the hospitality-inspired property. Novē at Knox was developed and operated by SLC in collaboration with KBS.
Completed in March 2021, Novē at Knox is a 19-story luxury Class A multi-family complex with 310 units in the Knox / Henderson neighborhood near downtown Dallas, Texas, within walking distance of high-end entertainment, restaurants – and shops away. The property features state-of-the-art appliances, personal washers and dryers, luxurious finishes, 10-foot ceilings, and floor-to-ceiling windows with great views of the city. The property’s public amenities include 10,000 square feet of private open space, 24-hour concierge service, a 465-space parking garage with valet service, a year-round pool and fitness center, indoor and outdoor communal recreation and entertainment spaces, a business center , Dog park and washing station.
“Our acquisition of Novē at Knox strengthens our already strong presence in the extremely attractive Sun Belt region, which continues to benefit from net migration due to strong employment growth and attractive lifestyle benefits,” said Chris Lee, Partner and Head of Real Estate America at KKR. “Novē at Knox is a Grade II listed luxury hotel ideally located in Dallas’ focal point for individuals looking for a dynamic destination to live and work in. We believe this property will benefit from Dallas’s strong economic fundamentals in the years to come. ”
As a result of the purchase, KKR’s presence in the residential real estate sector in the sun belt grows to more than 2,500 high-quality residential units. Including Novē at Knox, KKR has raised around $ 1.8 billion for its core plus real estate strategy over the past 12 months.
“High-end multi-family properties like Novē at Knox in thriving Texan markets like Dallas are increasingly attracting investors,” said Gio Cordoves, Western Regional President of KBS. “In fact, KBS was ahead of the curve in monitoring immigration to these markets. Recently, Dallas was ranked second among Texan counties to move to, which supports our development of this asset. As Dallas continues to attract residents from other parts of the country, the demand for first class apartment buildings such as Novē in Knox is increasing in this market. ”
“Novē at Knox was an excellent opportunity for KBS to leverage its in-depth office and local market knowledge in the region to develop a luxury apartment complex in the Dallas metro,” said Brett Merz, Novē asset manager at Knox and senior vice president at KBS. “This is an extremely desirable property for investors in this market.”
KBS is the asset manager of several prime office properties in the Dallas / Fort Worth market including 3811 Turtle Creek, Highland Park Place, Legacy Town Center I-III, Preston Commons, Providence Towers, Sterling Plaza and Tollway North Office Parking, among others.
“The opportunity to work with KBS on this project and deliver a one-of-a-kind luxury good in the midst of a pandemic is an outstanding achievement,” said Tim Downey, Founder and CEO of Southern Land Company. “We are still proud of what we have created with Novē at Knox and the lifestyle it offers residents in such a vibrant area of Dallas.”
“This is a very well-appointed apartment complex with spectacular views, unsurpassed service and a very desirable location,” said Madison Marceau, President of Acquisitions, Kairoi. “We are excited to participate in this transaction with KBS and Southern Land Company, who have positioned this property for long-term success, and to partner with KKR on another great investment.”
Gibson Dunn & Crutcher, LLP represented KKR and Kairoi on the acquisition of Novē from Knox. Greenberg Traurig, LLP represented KBS and Southern Land Company as legal advisor on the sale.
Click here for photos of Novē in Knox.
About KKR
KKR is a leading global investment company providing alternative asset management, capital markets and insurance solutions. KKR aims to generate attractive investment returns by adopting a patient and disciplined investment approach, employing world class people, and supporting the growth of its portfolio companies and communities. KKR sponsors mutual funds that invest in private equity, credit and real assets, and has strategic partners who manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the leadership of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For more information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
About Kairoi Residential
Kairoi Residential is a partner-run company with a unified approach to the acquisition, development and management of multi-family communities. Kairoi has been in the multi-family home acquisition and development business since 2002. In the course of our existence we have acquired or developed over 65,000 units in many cities and states in the country. Kairoi has liquidated multi-family homes valued at $ 7.0 billion across the country.
About KBS
KBS is one of the largest investors in prime commercial real estate in the country. As a private equity real estate company and SEC-registered investment advisor, KBS and its affiliates have completed more than $ 43 billion in transaction activity on behalf of private and institutional investors worldwide. Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates prime commercial real estate in some of the country’s most successful epicentres. The company is committed in its business ethics, relationships and constant focus to exceeding the expectations of its investors, partners and tenants. SEC registration as an investment advisor does not imply any particular qualification or training. More information about KBS can be found at www.kbs.com.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the ability of KBS to invest in and such manage a diversified portfolio and performance of Novē at Knox and the Dallas, Texas real estate market. These statements are subject to known and unknown risks, uncertainties, and other factors that could cause actual results, performance or accomplishments of KBS and / or Novē at Knox to differ materially from the future results, performance or accomplishments expressed in such statements or implied statements.
About Southern Land Company
Southern Land Company is a national real estate developer headquartered in Nashville, TN, with regional offices in New York City, Denver, CO, and Vallejo, CA. Founded in 1986 by CEO Tim Downey, the company adheres to strict standards for design and quality in its single-family, multi-family, mixed-use and hotel projects. The fully integrated company combines a comprehensive range of services across the entire development cycle of planning, design, construction and marketing. The holistic business model promotes innovation and long-term profitability that investors, residents and partners can rely on. The current project pipeline is estimated at over $ 2 billion. To find out more, visit: www.southernland.com.
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