DALLAS, TX – 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 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, a 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 highly 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 pioneering luxury property ideally located in Dallas & # 39; Contact point for individuals who are 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. ”
The purchase increases the presence of KKR's residential properties in the sun belt to more than 2,500 high-quality residential units. Including Novē at Knox, KKR 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 # 2 among Texan counties people moved 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 like Novē in Knox is increasing in this market. ”
"Novē at Knox provided KBS with an excellent opportunity 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, asset manager for Novē 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."