DALLAS & NEW YORK–(BUSINESS WIRE)–KKR, a leading global investment firm; Kairoi Residential (Kairoi), a national multifamily investment, development, and property management company; KBS, one of the most prominent investors in premier commercial real estate; and Southern Land Company (SLC), a national real estate developer of mixed-use developments and master-planned communities, today announced that KKR and Kairoi have acquired Novē at Knox, from KBS and SLC. Kairoi will operate the hospitality-inspired property. Novē at Knox was developed and operated by SLC in partnership with KBS.
Completed in March 2021, Novē at Knox is a 19-story, 310-unit Class A luxury multifamily complex in the Knox/Henderson district near Downtown Dallas, Texas within walking distance to high-end entertainment, dining, and shopping venues. The property features state-of-the art appliances, personal washers and dryers, luxury finishes, 10-foot ceilings, and floor-to-ceiling windows with sweeping views of the city. Common-area amenities at the property include 10,000 square feet of private open space, 24-hour concierge service, a 465-space parking garage with valet, a year-round pool and fitness center, indoor and outdoor community recreation and entertainment spaces, a business center, and a dog park and washing station.
“Our acquisition of Novē at Knox strengthens our already deep presence in the highly-attractive Sun Belt region which continues to benefit from net migration as a result of strong employment growth and attractive lifestyle benefits,” said Chris Lee, partner and head of real estate Americas at KKR. “Novē at Knox is a landmark luxury property ideally located in Dallas’ go-to locale for individuals seeking a dynamic destination to live and work. We believe this property is poised to benefit from Dallas’ strong economic fundamentals in the years to come.”
The purchase grows KKR’s residential real estate footprint in the Sun Belt to more than 2,500 high quality apartment units. Including Novē at Knox, KKR has acquired approximately $1.8 billion of Class A apartments for its core plus real estate strategy over the last 12 months with a focus on dynamic, high-growth markets across the United States.
“High-end multifamily properties like Novē at Knox, located in thriving Texas markets like Dallas, are increasingly attracting investors,” says Gio Cordoves, Western regional president for KBS. “In fact, KBS has been ahead of the curve in monitoring population in-migration to these markets. Recently, Dallas was ranked second among Texas counties where people were relocating, supporting our development of this asset. As Dallas continues to attract residents from other parts of the country, demand for top-tier multifamily properties like Novē at Knox is on the rise in this market.”
“Novē at Knox presented an…