KBS, one of the largest investors in premier commercial real estate in the nation, in a joint venture with the Southern Land Company, announced the completion of the first phase of a ground-up development: Novē at Knox, a 310-unit Class A luxury multifamily complex in the Knox/Henderson district near Downtown Dallas, Texas. The final completion is expected in March 2021.
The project, a hospitality-inspired high-rise apartment complex, represents KBS’ ability to identify and leverage opportunities in a market where it has historically owned industrial and office properties, according to Giovanni (Gio) Cordoves, Western regional president for KBS.
“KBS is known for its ability to recognize opportunities in a market where it has historically owned industrial and office properties,” says Cordoves. “In Novē at Knox, we realized the opportunity to create synergies between the Class A office properties in our Dallas portfolio and a high-design luxury apartment development that serves the affluent Knox/Henderson district.”
KBS is the asset manager of eight best-in-class office properties in the Dallas/Fort Worth market: 3811 Turtle Creek, Highland Park Place, Legacy Town Center I-III, Preston Commons, Providence Towers, Sterling Plaza and Tollway North, among others. Novē at Knox is the first and only apartment complex in the firm’s client portfolio in the Dallas area.
The outlook for the Dallas market is bright at the end of a year that experienced many challenges due to COVID-19, according to Brett Merz, asset manager for Novē at Knox and senior vice president at KBS.
“The Dallas-Fort Worth region demonstrates great promise as we navigate our way through the pandemic,” says Merz. “KBS’ decision to invest in a ground-up multifamily development with resort-style features like Novē at Knox meets the growing demand for luxury apartment units in this market.”
According to Cushman & Wakefield, the Dallas market added nearly 48,000 jobs during the fourth quarter of 2020, bringing it close to pre-pandemic unemployment levels, and saw its population reach a new high of over 7.8 million residents in December 2020.
Novē at Knox is a 19-story apartment tower adjacent to Dallas’ affluent Highland Park and Turtle Creek neighborhoods. The development is located within walking distance to high-end entertainment, dining, and shopping venues including Trader Joe’s, LuluLemon, Apple, Z Gallerie, Pottery Barn and Crate & Barrel.
“This property offers many amenities that aren’t available in other multifamily complexes in the Downtown Dallas market,” says Merz. “These include unobstructed 360-degree views, a 465-space parking garage, state-of-the-art latch entry and access system, a landscaped pool deck with fitness terrace, year-round pool with a large sundeck and private gazebos, community lounge, business center, recreation room, fitness center with yoga studio, dog park, valet parking, a park, and a barbecue area that can be used for concerts, movie nights, cocktail parties, and other programming. In addition, the concierge, who is the face of the community, gets to know all of the tenants’ wants and needs and creates a real sense of security for the residents. Novē at Knox offers renters a great, walkable mixed entertainment environment.”
The property is clearly identifiable in the area and is distinct from other multifamily properties in the market, according to Ben Crenshaw, senior vice president of design for the Southern Land Company, designer for the project.
“Novē at Knox takes its cues from the hospitality industry. It doesn’t feel like the usual multifamily development,” says Crenshaw. “We purposely positioned the glass to take advantage of the views from every apartment. We created a hotel-like entryway with a unique fitness center overlooking the pool deck and this project features a cohesive design that blends the exterior with the interior to create a tailored look. Many of those details carry through from the exterior to the common spaces to the tenant units. It’s a true departure from many Dallas multifamily communities.”
Novē at Knox features a unit mix that is tailored to several types of renter: singles, singles with a flex room, single family, and multiple penthouses currently under construction,” says Crenshaw. “Each unit is maximized for use of space and flow. Tenants can easily move up when they desire more space or downsize when they need less space. This community offers a more livable layout for each renter type.”
The newly completed development is already generating significant interest from Dallas’ renter population, notes Jenna Garcia of Southern Land Company, property manager of Novē at Knox.
“Novē at Knox, with its unique look and amenities, truly distinguishes itself from any other apartment complex in the area,” says Garcia. “We anticipate a long waiting list of potential renters who are eager to live in this attractive and convenient new addition to the Dallas market.”
