The sale of Reagan at Bear Creek, a renovated 216-unit garden style community in North Dallas, marks yet another successful transaction for Knightvest Capital
DALLAS, Aug. 30, 2023 /PRNewswire/ — Knightvest Capital, a vertically-integrated multifamily investment company, announced the sale of Reagan at Bear Creek, a 216-unit garden-style housing asset in the North Texas suburb of Euless.
Originally built in 1998, Knightvest Capital first acquired the property in September 2017 after identifying an area where low construction volume, strong population growth, and a limited supply of high-quality rental housing presented a compelling opportunity. Over the past several years, Knightvest deployed its playbook to renovate and reposition the property with quality finish-outs and luxury upgrades to the amenities. As a result, the premium renovated units achieved a strong 80% rent increase over acquisition rates, which helped enable Knightvest to deliver outsized returns to investors.
“Over the past 15 years, we’ve refined our strategy and built the winning team that continues to exceed expectations. The sale of this property is a perfect example of the type of outsized returns that can be achieved through our differentiated approach,” said David Moore, Knightvest Founder and CEO. “We’ve always worked hard to position the company for success regardless of external market dynamics. After two acquisitions in the past several months, this sale is yet another example of how we’re focused on staying active through the consistent execution of our strategy.”
The transaction closed on August 23, 2023.
Knightvest is an industry-leading multifamily investment and management firm known for creating communities of excellence and delivering dependable results that enable investors, employees, and residents to thrive.
As a vertically-integrated firm, Knightvest specializes in renovating and repositioning multifamily properties with a unique approach focused on setting a new standard in design-driven quality, executing with operational efficiency, and leading with a people-first culture.
Since its founding in 2007, Knightvest has invested over $10 billion to acquire over 55,000 units across high-growth metro areas in Texas, Arizona, the Carolinas, and Florida to become one of the largest apartment owners in the United States.
SOURCE Knightvest Capital
Originally published at https://www.prnewswire.com/news-releases/knightvest-capital-completes-sale-of-a-value-add-multifamily-community-in-north-texas-301913129.html
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