Skip to content
Learn How KBS is Creating Safe Work Environments
kbs logo
  • Investors
    • KBS Capital Markets Group
  • Properties
  • News & Insights
  • About Us
  • Contact

    Our Offices

    Corporate Headquarters

    800 Newport Center Drive, Suite 700
    Newport Beach, CA 92660

    (949) 417-6500

    info@kbs.com

    Washington DC Office

    3003 Washington Boulevard, Suite 950
    Arlington, VA 22201

    (202) 822-1230

    Facebook-f Twitter Linkedin-in Instagram
    Corporate Headquarters
    800 Newport Center Dr., Suite 700 Newport Beach, CA 92660
    info@kbs.com
    (949) 417-6500
    New York Office
    590 Madison Avenue, 26th Floor New York, NY 10022
    (212) 644-6662
    Washington, DC Office
    3003 Washington Boulevard, Suite 950, Arlington, VA 22201
    (202) 822-1230
    Contact Us
    KBS is an SEC-registered full-service investment adviser adept in various property and product types.
Learn How KBS is Creating Safe Work Environments
kbs logo
ArtboardCreated with Sketch.
Press Releases

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

  • October 13, 2021
Press Releases

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

  • October 13, 2021
19-Story Hospitality-Inspired Luxury Multifamily Development in Knox/Henderson Submarket will be Operated by Kairoi Residential

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 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.”

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.”

“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.

Click here for photos of Novē at Knox.

Media Contact

Miles Radcliffe-Trenner

KKR Media
(212) 750-8300
media@kkr.com

Lexi Astfalk or Jenn Quader

Brower Group
(949) 438-6262
KBS@brower-group.com

Ginny Walker

Public Relations Manager for KBS
949-417-6535
gwalker@kbs.com

Jenna Lefever

Southern Land Company
615-778-2182
Jenna.Lefever@southernland.com

More Articles

Industry Trends

Underwriting the Perceived Instability of Short-Term Office Leases

  • February 16, 2021
The threat of shorter office lease terms has been looming over the commercial real estate industry for several years. Companies first braced for the potential impact of new standards from the International Accounting Standards Board (IASB) recognizing all leases on the balance sheet, which took effect in January 2019. Then, the office leasing world was hit with additional challenges from COVID-19 as many companies opted to work from home and re-evaluated the role of their physical office space.
Industry Trends Insights

Envisioning the Future of the Built Environment

  • January 29, 2021
Amidst the ongoing crisis, built environments are at the front lines of change and will play a huge role in creating a more resilient world going forward. Office architects are re-envisioning the future of the workplace—where and how we work. Unfortunately, there is no crystal ball to predict exactly what the new future-oriented office will look like, but what we do know is flexibility and adaptability will be key in resilient design.
Industry Trends

Why Texas is becoming a commercial real estate powerhouse

  • January 21, 2021
It looks like 2021 will be another big year for Texas, a year when a lot of major companies will make the jump and move to the Lone Star state. Just look at these transitions:
See All
Our Company
  • Investors
  • Properties
  • News & Insights
  • About KBS
Resources
  • Premier Office Magazine
Get in Touch
Facebook-f Twitter Linkedin-in Instagram
  • Careers

© 2023 KBS

  • Terms & Conditions
  • Privacy Policy
  • Home
Investors
  • KBS Capital Markets Group
  • Properties
  • News & Insights
  • About Us
Contact Us
  • Corporate Headquarters
  • New York Office
  • Washington, DC Office