KKR Acquires Novē in Knox in Dallas, Texas from KBS and Southern Land Company | National company
DALLAS AND NEW YORK – (BUSINESS WIRE) – October 13, 2021–
KKR, a leading global investment firm; Kairoi Residential (Kairoi), a national multi-family property investment, development and management company; KBS, one of the foremost investors in premier commercial real estate; and Southern Land Company (SLC), a national real estate developer of mixed-use developments and masterplan communities, today announced that KKR and Kairoi have acquired Novē in Knox, from KBS and SLC. Kairoi will operate the property inspired by hospitality. 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, A-Class luxury multi-family resort located in the Knox / Henderson neighborhood near downtown Dallas, Texas, within walking distance of shopping venues. upscale entertainment, dining and shopping. The property features state-of-the-art appliances, personal washers and dryers, luxury finishes, 10-foot ceilings and floor-to-ceiling windows offering breathtaking views of the city. The property’s common areas include 10,000 square feet of private open space, 24-hour concierge service, 465-space valet parking garage, year-round swimming pool and fitness center. , indoor and outdoor community recreation and entertainment areas, a business center, and a dog park and wash station.
“Our acquisition of Novē in Knox strengthens our already deep presence in the highly attractive Sun Belt region which continues to benefit from net migration due to strong job growth and attractive lifestyle benefits. “said Chris Lee, Partner and Head of Real Estate. Americas at KKR. “Novē at Knox is an iconic luxury property ideally located in Dallas’ favorite spot for those looking for a vibrant destination to live and work. We believe this property is poised to benefit from Dallas’ strong economic fundamentals for years to come.
The purchase brings KKR’s residential real estate footprint in the Sun Belt to over 2,500 high quality apartments. Including Novē in Knox, KKR has acquired approximately $ 1.8 billion of Class A apartments for its Core Plus real estate strategy over the past 12 months, with a focus on dynamic and high growth markets in United States.
“High-end multi-family properties like Novē in Knox, located in thriving Texas markets like Dallas, are attracting more and more investors,” said Gio Cordoves, Western Regional President of KBS. “In fact, KBS has taken a head start in monitoring population immigration to these markets. Recently, Dallas was ranked second among the counties in Texas where people moved, supporting our development of this asset. As Dallas continues to attract residents from other parts of the country, demand for premier multi-family properties like Novē in Knox is increasing in this market.
“Novē at Knox presented a great opportunity for KBS to leverage its in-depth office and local market expertise in this region to develop a luxury apartment complex in the Dallas Metro,” said Brett Merz, Manager of active for Novē at Knox and senior vice president at KBS. “This is an extremely desirable property for investors in this market. “
KBS is the asset manager of several premier office buildings 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 work with KBS on this project and deliver a one-of-a-kind luxury asset in the midst of a pandemic is an exceptional achievement,” said Tim Downey, Founder and CEO of Southern Land Company. “We remain proud of what we created with Novē in Knox and the lifestyles it offers residents of such a vibrant area of Dallas. “
“This is a very well appointed apartment complex with spectacular views, unparalleled services and a highly desirable location,” said Madison Marceau, President of Acquisitions at Kairoi. “We are delighted 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 in the Novē purchase from Knox. Greenberg Traurig, LLP represented KBS and Southern Land Company as legal counsel in the assignment.
Click here for pictures from Novē to Knox.
About KKR
KKR is a leading global investment firm providing alternative asset management, capital markets and insurance solutions. KKR aims to generate attractive returns on investment by following a patient and disciplined approach to investing, employing world-class people and supporting the growth of its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer pension, life and reinsurance products under the leadership of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For more information on KKR & Co. Inc. (NYSE: KKR), please visit the KKR website at www.kkr.com and on Twitter @KKR_Co.
About Kairoi Residential
Kairoi Residential is a partner-led company with a unified approach to the acquisition, development and management of multi-family communities. Kairoi has been involved in the acquisition and development of multi-family properties since 2002. During our existence, we have acquired or developed over 65,000 units in many cities and states across the country. Kairoi has traded $ 7.0 billion in multi-family properties across the country.
About KBS
KBS is one of the largest investors in leading commercial real estate in the country. As an SEC-registered private equity real estate firm and investment advisor, KBS and its affiliates have completed over $ 43 billion in transactional activity on behalf of private and institutional investors worldwide. Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates premier commercial real estate in some of the country’s most successful epicenters. The firm is committed to its business ethics, its business relations and its constant concern to exceed the expectations of its investors, partners and tenants. Registration with the SEC as an investment advisor does not imply any particular level of skill or training. For more information on KBS, please visit www.kbs.com.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to the ability of KBS to invest in and manage a diversified portfolio and the performance of Novē at Knoxand the Dallas, Texas real estate market. These statements are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of KBS and / or Novē at Knox to be materially different from any results, performance or or future achievement expressed or implied by such forward-looking statements.
About Southern Land Company
Southern Land Company is a national real estate developer headquartered in Nashville, TN, with regional offices in New York, Denver, CO, and Vallejo, CA. Founded by CEO Tim Downey in 1986, the company adheres to strict design and quality standards in its single-family, multi-family, mixed-use and hotel developments. The fully integrated company combines a comprehensive set of services spanning the entire development cycle, including planning, design, construction and marketing. The holistic business model enhances innovation and long-term viability that investors, residents and partners can rely on. The current pipeline of projects is valued at over $ 2 billion. To learn more, visit: www.southernland.com.
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CONTACT: KKR media contact:
Miles radcliffe trenner
(212) 750-8300
[email protected] KBS media contacts:
Lexi Astfalk or Jenn Quader
Brower Group
(949) 438-6262
[email protected] Ginny Walker
KBS Public Relations Director
949-417-6535
[email protected] Southern Land Company Media Contact:
Jenna lefever
Director of Public Relations SLC
615-778-2182
KEYWORD: TEXAS NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: RESIDENTIAL AND REAL ESTATE BUILDING COMMERCIAL AND REAL ESTATE BUILDING URBAN DEVELOPMENT CONSTRUCTION AND REAL ESTATE REIT PROFESSIONAL SERVICES INTERIOR DESIGN BUILDING SYSTEMS ARCHITECTURE OTHER CONSTRUCTION AND REAL ESTATE FINANCING
SOURCE: KBS
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PUB: 13/10/2021 17:45 / DISC: 13/10/2021 17:47
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