Knightvest Capital<\/a> purchased the Ardan building, a 23-story residential tower at 2975 Blackburn St., the firm announced Monday.<\/p>\nThe investor declined to disclose the purchase price, but county records show that Knightvest Capital took out a $112 million loan to help fund the transaction. The Dallas Central Appraisal District valued the property at $138 million for tax purposes.<\/p>\n
The seller was Mill Creek Residential, which sold on behalf of its institutional clients. Joey Tumminello, Drew Kile, Michael Ware, Taylor Hill and Cameron Purse of Institutional Property Advisors represented both parties, the firm said in a news release. The deal closed in late March.<\/p>\n
The 380-unit tower was built by Cityplace Co. and Forest Realty Trust, now part of Brookfield. Construction began in 2016 and finished in 2018. The high-rise is part of the\u00a0West Village mixed-use district and is near\u00a0Cityplace Tower.<\/p>\n
Knightvest said it plans to invest \u201csignificant capital\u201d to update the property, including renovations to the clubhouse, fitness center and pool area. A select number of apartments will also be renovated with premium finishes.<\/p>\n
The purchase gives Knightvest more than 10,000 apartments in the Dallas-Fort Worth market. The firm purchased the Mockingbird Flats near Southern Methodist University\u2019s campus earlier this year.<\/p>\n
Knightvest has invested over $11 billion to acquire over 65,000 units across high-growth metro areas in Texas, Arizona, the Carolinas and Florida since its founding in 2007. The investment and management firm has offices in Dallas and Houston.<\/p>\n
“We are genuinely excited to continue our strategy of acquiring premier institutional-quality properties at deep discounts to replacement cost. These opportunities allow us to deliver exceptional value to our investors while positioning high-quality assets for long-term growth and outperformance in a recovering market,” Knightvest CEO and founder David Moore said in a statement.<\/p>\n","protected":false},"excerpt":{"rendered":"A luxury apartment high-rise in Uptown Dallas is off the market. Dallas-based Knightvest Capital purchased the Ardan building,…\n","protected":false},"author":2,"featured_media":238245,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[102,104,103],"class_list":{"0":"post-238244","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-dallas","8":"tag-dallas","9":"tag-dallas-headlines","10":"tag-dallas-news"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/238244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/comments?post=238244"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/238244\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media\/238245"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media?parent=238244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/categories?post=238244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/tags?post=238244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}