Done Deals: KKR Acquires Novē at Knox in Dallas, TX from KBS and Southern Land Company

Monday, October 18, 2021

KKR Acquires Novē at Knox in Dallas, TX from KBS and Southern Land Company

Novē at Knox is a a 19-story, 310-unit
Class A luxury multifamily complex
in the Knox/Henderson district
near Downtown Dallas, TX

DALLAS, TX and NEW YORK, NY

Chris Lee

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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, 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.

“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.”

“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.

Gio Cordoves

“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 excellent opportunity for KBS to leverage its deep office and local market expertise in this region to develop a luxury apartment complex within the Dallas metro,” says Brett Merz, asset manager for Novē at Knox and senior vice president at KBS. “This is an extremely desirable property for investors in this market.”

Brett Merz

KBS is the asset manager of several best-in-class office properties in the Dallas/Fort Worth market, including 3811 Turtle Creek, Highland Park Place, Legacy Town Center I-III, Preston Commons, Providence Towers, Sterling Plaza and Tollway North Office Park, among others.

“The ability to collaborate with KBS on this project and deliver a one-of-a-kind luxury asset in the middle of a pandemic is an outstanding accomplishment,” says Tim Downey, founder, and CEO of Southern Land Company.

“We remain proud of what we created with Novē at Knox and the lifestyles it offers residents in such a vibrant area of Dallas.”

Tim Downey

“This is a very well-appointed apartment complex with spectacular views, unmatched services and a highly desirable location,” said Madison Marceau, president of acquisitions at Kairoi.

“We are pleased to participate in this transaction with KBS and Southern Land Company who have positioned this property for long-term success and to collaborate on another great investment with KKR.”

Gibson Dunn & Crutcher, LLP represented KKR and Kairoi on the purchase of Novē at Knox. Greenberg Traurig, LLP represented KBS and Southern Land Company as legal counsel in the disposition.