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Knightvest Capital has recently acquired the SKYE of Turtle Creek community in Dallas, Texas. This marks the sixth investment for Knightvest’s Fund II. The property was previously listed by California State Teachers Retirement System last summer and was appraised at $94 million by the local appraisal district.
Built in 1998, this high-rise complex consists of 331 units and is located in Uptown Dallas. Knightvest plans to renovate a significant portion of these units as well as make updates to the exterior and common areas. These improvements will allow Skye to compete with newer luxury developments while maintaining competitive pricing. As part of their renovation efforts, Knightvest has renamed the community “Remi.”
David Moore from Knightvest stated, “This acquisition perfectly aligns with our strategy due to its purchase price being significantly below replacement cost.” He also expressed excitement about their progress within Fund II.
Once renovations are complete, Remi will offer modernized interiors and enhanced common areas that will position it as a top-tier living destination in this area.
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