Knightvest Capital, a multifamily investment company, announced the acquisition of Cypress Apartments in McKinney, Texas. The company will oversee the renovation of 276 units.
Constructed in 2007, Cypress Apartments stands as a three-story garden-style community, with a majority of its floorplans boasting two or three bedrooms. Residents have access to amenities such as a resort-style pool, fitness center and media lounge. Knightvest intends to undertake the property enhancements and update unit interiors, comparable to new constructions in the vicinity.
"Knightvest continues to be well-positioned in this environment, and we're thrilled to hit the ground running in 2024 with the Cypress acquisition that complements our expanding portfolio and supports our proven strategy to transform apartment communities," said Knightvest Founder and CEO David Moore in an official statement. "Modern renters seek high-quality housing at affordable prices, and we efficiently renovate properties in a way that delivers a better quality of life for our residents and exceptional returns for our investors."
The Cypress Apartments marks Knightvest Capital’s first acquisition of 2024, marking a further expansion in North Texas and an addition to its extensive portfolio, which now encompasses over 34,000 units nationwide.
Previously, the company announced another North Texas acquisition. The Dorian Apartments, formerly known as the Tribeca Apartments in the Legacy area are also undergoing renovation, The 398-unit apartment community community was built in 2008 and features a mix of three and four-story structures across nine buildings, with units boasting an average of 910 square feet.
Knightvest Capital closed the acquisition in December 2023 and plans to enhance the property by renovating unit interiors and property amenities, including the fitness center, pool area and clubhouse.
Since its establishment in 2007, Knightvest has committed over $10 billion to acquire more than 55,000 units across areas in Texas, Arizona, the Carolinas and Florida.
Operating as a vertically-integrated entity, Knightvest specializes in revitalizing and repositioning multifamily properties through a distinctive approach centered on establishing a new benchmark in design-focus.
For more information, visit knightvestcapital.com.
