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Knightvest Capital has completed an $81 million refinancing of Domain Memorial, a 313-unit townhome rental community in Houston. The new five-year, floating-rate loan was funded by Mesa West, with a portion of the proceeds allocated to completing interior renovations at the property. Knightvest reports that the renovation program undertaken during its ownership has driven higher occupancy and notable rent premiums, and the community is currently 95.2% leased.
The sponsor has undertaken a broad capital improvement plan since acquiring the asset, focusing on both unit interiors and shared spaces. Most of the townhome units have been renovated, and Knightvest has also upgraded exterior elements and common areas. These improvements include work on the parking lot, installation of a new electric vehicle charging station, and enhancements to site lighting and landscaping. Amenity updates have extended to the clubhouse, pool area, and fitness center.
Domain Memorial was built in 2016 and was acquired by Knightvest from the original developer in 2022. The community is located at 14800 Memorial Drive in Houston’s Briar Forest/West Memorial submarket. It comprises 29 residential buildings situated on a 12.7-acre site. The rental offering consists of one-, two-, and three-bedroom, two-story townhomes that average 1,300 square feet, providing a range of floor plan options for residents.
The refinancing allows Knightvest to continue its value-enhancement strategy at a relatively new multifamily asset that is already demonstrating strong occupancy and rent performance. With the new loan in place and interior work ongoing, the sponsor is positioned to complete its renovation program while the property maintains high leased levels within the Briar Forest/West Memorial submarket.
The post Knightvest Capital Secures $81M Refi for Houston’s Domain Memorial Apartments Renovation appeared first on CRE Market Beat.
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