The Dallas-based multifamily investment firm Knightvest Capital has acquired a portfolio of three multifamily communities totaling 1,027 units in the Austin suburb of Round Rock, Texas.
The acquisition, which represents the 20th investment in Knightvest’s Fund II, encompasses La Frontera, a 411-unit community built in 2004; Lakeside at La Frontera, a 366-unit community built in 2001; and Legends Lake Creek, a 250-unit community built in 2001.
The company plans to implement a renovation program across the properties, with planned improvements to the exterior, common area amenities, and a subset of the unit interiors. Renovated unit interiors will feature modern finishes and quartz countertops aimed at positioning the property more competitively with newer construction in each area.
As part of the renovation efforts, Knightvest will rename Enclave at La Frontera to Brixton, Lakeside at La Frontera to Calder, and Legends Lake Creek to Sutton. The financial aspects of the acquisition were not disclosed.
David Moore, founder and CEO of Knightvest, stated, “Fund II was purpose-built to identify assets like these – properties we can renovate to a like-new standard while maintaining a substantially lower basis than nearly all comparable vintage communities and roughly half the cost of new construction.”
Photo: Legends Lake Creek, courtesy of HAR.com
0 Comments