DALLAS, TX – KBS, one of the nation's largest prime commercial real estate investors, announced the completion of the first phase of a groundbreaking development in a joint venture with Southern Land Company: Novē at Knox, a 310-unit Class A luxury apartment building in the Knox / Henderson neighborhood near downtown Dallas, Texas. Final completion is expected in March 2021.
According to Giovanni (Gio) Cordoves, Western Regional President of KBS, the project, a hospitality-inspired high-rise apartment complex, represents KBS 'ability to identify and seize opportunities in a market where it has historically owned industrial and office properties.
"KBS is known for its ability to identify opportunities in a market where it has historically owned industrial and office real estate," says Cordoves. "In Novē near Knox, we saw the opportunity to create synergies between the Class A office properties in our Dallas portfolio and a high-design luxury apartment development serving the affluent Knox / Henderson neighborhood."
KBS is the asset manager of eight prime office properties in the Dallas / Fort Worth market: 3811 Turtle Creek, Highland Park Place, Legacy Town Center I-III, Preston Commons, Providence Towers, Sterling Plaza and Tollway North Others. Novē at Knox is the first and only apartment complex in the company's customer portfolio in the Dallas area.
The prospects for the Dallas market are good at the end of a year that has been challenging due to COVID-19, said Brett Merz, Novē asset manager at Knox and senior vice president at KBS.
"The Dallas-Fort Worth region is promising as we move through the pandemic," says Merz. "KBS 'decision to invest in a resort-style apartment building such as Novē at Knox meets the growing demand for luxury apartment units in this market."
According to Cushman & Wakefield, the Dallas market created nearly 48,000 jobs in the fourth quarter of 2020, which is close to pre-pandemic unemployment, and in December 2020 the population hit a new high of over 7.8 million people.
The Novē at Knox is a 19-story apartment tower next to the affluent Highland Park and Turtle Creek neighborhoods in Dallas. The facility is within walking distance of high-end entertainment, dining and shopping such as Trader Joe & # 39; s, LuluLemon, Apple, the Z Gallery, Pottery Barn and Crate & Barrel.
"This property offers many amenities not available in other apartment buildings on the market in downtown Dallas," says Merz. “This includes an unobstructed 360-degree view, a multi-storey car park with 465 parking spaces, a state-of-the-art access and entry system for bars, a pool terrace with a fitness terrace, a year-round pool with a large sun deck and private pavilions, a community lounge and a business center , Lounge, fitness center with yoga studio, dog park, valet parking, park and barbecue area that can be used for concerts, film evenings, cocktail parties and other programs. In addition, the concierge, who is the face of the community, gets to know all the wishes and needs of the tenants and creates a real sense of security for the residents. Novē at Knox offers tenants a great, walk-in mixed entertainment environment. "
According to Ben Crenshaw, senior vice president of design at Southern Land Company, designer for the project, the property in the area is clearly different and different from other apartment buildings on the market.
“Novē at Knox is based on the hotel industry. It doesn't feel like the usual multi-family development, ”says Crenshaw. “We purposely positioned the glass so that you can enjoy the view from every apartment. We have created a hotel-like entrance with a unique fitness center overlooking the pool terrace. This project features a cohesive design that blends the outside with the inside for a bespoke look. Many of these details have an impact from the outside through the common rooms to the tenant units. It's a real departure from many multi-family communities in Dallas. "
Novē at Knox offers a mix of units tailored to different types of tenants: singles, singles with flexible space, single-family homes and multiple penthouses currently under construction, ”says Crenshaw. “Each unit is maximized for the use of space and flow. Tenants can easily go up if they want more space or downsize if they need less space. This community offers a more livable layout for every type of tenant. "
The newly completed development is already attracting great interest from tenants in Dallas, notes Jenna Garcia of Southern Land Company, property manager for Novē near Knox.
“Novē at Knox is really different from any other apartment complex in the region with its unique looks and amenities,” says Garcia. "We expect a long waiting list of potential tenants who want to live in this attractive and practical addition to the Dallas marketplace."
