Knightvest Capital is capitalizing on the growing multifamily investment market in Dallas-Fort Worth by listing a suburban apartment complex.
The Dallas-based company is selling the 486-unit Harlowe Apartments at 2525 Texas State Highway 360 in Euless, near DFW International Airport.
An asking price for the complex, built in 2001, was not disclosed. The Tarrant Appraisal District valued it at $109 million this year. The company bought the complex in 2021, property records show.
JLL is marketing the 96 percent leased property as having “proven value-add potential” with the possibility of a buyer expanding on Knightvest’s renovations. Listings list rental units ranging from $1,300 to $1,925, and management is offering $1,000 Amazon gift cards to tenants who move in before the end of the month.
According to a marketing flyer, Knightvest has spent more than $7 million on capital improvements in three years. Improvements included paint, Wi-Fi, electric vehicle chargers, sidewalk and parking lot repairs, and upgrades to the clubhouse, leasing center and fitness center.
The company modernized 161 units and increased rents by an average of $206 per unit. A buyer could increase rents by modernizing additional units.
The listing comes at a time when the market for multi-family homes is reviving. After last year’s lull, interest rates are likely to fall and rents to rise again.
Transaction volume is increasing. The California State Teachers’ Retirement System just listed its high-rise apartment complex in Uptown Dallas, and three other multifamily properties traded this month: S2 Capital’s 238-unit purchase in Carrollton, American Landmark Apartments’ 366-unit purchase in Fate and Vistria, and Waterford’s affordable housing project in Oak Cliff.
The complex is located at the northern end of the Villages of Bear Creek residential area, where online listings show the average monthly rent is about $1,600 and the average household income within a 3-mile radius is $128,000.
Knightvest specializes in buying, renovating and selling apartment complexes — in good times and bad, Knightvest founder David Moore said last year. The investment group borrowed more than $40 million last month to snap up the 240-unit Encore Apartments complex in Plano, one of Dallas’ hottest multifamily markets.
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