KKR acquires Class A multifamily complex in Dallas, Texas

KKR acquires Class A multifamily complex in Dallas, Texas
Novē at Knox

KKR and Kairoi Residential have acquired Novē at Knox, a 19-story, 310-unit Class A luxury multifamily complex in the Knox/Henderson district near Downtown Dallas, Texas, from KBS and Southern Land Company (SLC).

Completed in March 2021, Novē at Knox was developed and operated by SLC in partnership with KBS.

Kairoi Residential will operate the property, according to a joint statement by the companies. The purchase price was not disclosed.

“Our acquisition of Novē at Knox strengthens our already deep presence in the highly-attractive Sun Belt region which continues to benefit from net migration as a result of strong employment growth and attractive lifestyle benefits,” said Chris Lee, partner and head of real estate Americas at KKR.

“Novē at Knox is a landmark luxury property ideally located in Dallas’ go-to locale for individuals seeking a dynamic destination to live and work. We believe this property is poised to benefit from Dallas’ strong economic fundamentals in the years to come,” he added.

“High-end multifamily properties like Novē at Knox, located in thriving Texas markets like Dallas, are increasingly attracting investors,” said Gio Cordoves, Western regional president for KBS.

“In fact, KBS has been ahead of the curve in monitoring population in-migration to these markets. Recently, Dallas was ranked second among Texas counties where people were relocating, supporting our development of this asset. As Dallas continues to attract residents from other parts of the country, demand for top-tier multifamily properties like Novē at Knox is on the rise in this market.”