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Knightvest Capital buys 3 multifamily communities in Austin for renovation
The purchase covers 1,027 total units and Knightvest plans exterior, amenity, and selective interior upgrades after renaming the properties.
Knightvest Capital is acquiring three multifamily communities in the Austin, Texas area’s Silicon Hills corridor, totaling 1,027 units, according to Bisnow. The portfolio includes the 411-unit Enclave at La Frontera, the 366-unit Lakeside at La Frontera, and the 250-unit Legends Lake Creek, all built in the early 2000s.
Knightvest plans to renovate the communities, focusing on improvements to the exterior, common-area amenities, and a subset of unit interiors. The properties are expected to be renamed Brixton, Calder, and Sutton.
In an emailed statement to Bisnow, CEO David Moore said the company acquired the portfolio at a significant discount compared with similar deals.
Bisnow also pointed to Cushman and Wakefield’s second-quarter report on Austin multifamily demand, noting occupancy gains of 6,240 units this year, compared with 4,240 units gained in the first quarter. The corridor is described as being close to major employment hubs, including Dell’s world headquarters in Round Rock and nearby facilities for companies including Apple, Samsung, and Amazon.