New North Dallas apartment high-rise is latest luxury property sale

Another apartment tower in Dallas was bought by investors.

The recently completed Nove at Knox is a 19-story, 310-unit high-rise on the North Central Expressway south of Knox Street.

The luxury rental community was opened by developer Southern Land Co. in March of this year. Investor KBS was a partner in the project.

The tower has just been sold to a partnership between New York-based investor KKR and Texas developer and investor Kairoi Residential.

“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 advantages”, Chris Lee, Partner and Head of Real Estate Americas at KKR, said in a statement. “We believe this property will benefit from Dallas’s strong economic fundamentals in the years to come.”

KKR purchased approximately $ 1.8 billion in homes in the past 12 months. And it has 2,500 rental units in cities in the Sun Belt.

KKR recently acquired several industrial buildings in the D-FW area.

“High-end multi-family properties like Novē at Knox, located in thriving Texan markets like Dallas, are increasingly attracting investors,” said Gio Cordoves, Western Regional President of seller KBS, in a statement. “As Dallas continues to attract residents from other parts of the country, the demand for high-quality apartment buildings like Novē in Knox is increasing in this market.”

Kairoi Residential, KKR’s San Antonio-based partner in the acquisition of Nove at Knox, is also building new residential communities in Dallas Uptown and Oak Cliff.

“This is a very well-appointed apartment complex with spectacular views, unsurpassed service and an extremely desirable location,” said Madison Marceau, President of Acquisitions, Kairoi.

The North Dallas apartment tower is the latest in a series of such sales.

The 31-story Christopher rental building north of downtown Dallas on Field Street has just been sold to Dallas-based L&B Realty Advisors.

A Florida investor acquired the 21-story Mondrian high-rise apartment building in the Cityplace project in July, and a California investor acquired the 21-story Gables Uptown Tower on McKinney Avenue.

[ad_1]