The residential building is set to stand 19 stories tall and will consist of 309 units totaling 311,932 net rentable square feet. The development’s amenity package will include a resident lounge, fitness center, year-round pool, terrace and a private park. The building will also offer a garage parking consisting of 465 parking spaces.
The project is situated in the Knox/Henderson district adjacent to Dallas’ affluent Highland Park and Turtle Creek neighborhoods. The surrounding neighborhood provides a live-work-play environment filled with restaurants, shopping options and office spaces within walking distance. The property is also located less than five miles from the Dallas Love Field Airport. The location of this new luxury community will provide tenants with a true mixed-use neighborhood setting.
“This unique high-rise will be a great residential addition to our existing KBS properties in the Dallas-Fort Worth metropolitan area,” said Brett Merz, senior vice president of KBS and asset manager for the property. “We are excited to begin our partnership with SLC and believe their efforts to date in preparing the development will ensure a smooth and timely completion.”
KBS Realty Advisors is a private equity real estate company and SEC-registered investment advisor founded in 1992. KBS Realty Advisors and its affiliated companies have completed transactional activity of over $36 billion via 16 separate accounts, six commingled funds, five sovereign wealth funds and seven non-traded REITs. For information, visit www.kbs.com.
This 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 KBS Realty Advisor’s ability to invest in and manage a diverse portfolio, and the performance of the project and of the Dallas real estate market. These statements are subject to known and unknown risks, uncertainties and other factors which may cause KBS Realty Advisors and/or the project’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.