Knightvest Capital
Knightvest Capital
Lauren, formerly the Verandas.
Knightvest Capital, a multifamily investment firm based in Dallas, announced the acquisition of the Verandas, an apartment community located in Fort Worth’s Cityview.
This successful close marks the fourth acquisition in Knightvest's Fund II and its first asset in the Fort Worth market.
As part of planned modernization efforts, Knightvest will rename the community to Lauren.
"This acquisition represents an exciting opportunity for us to revitalize a well-built community in a dynamic Fort Worth market where we have a strong track record with nearby properties," said David Moore, Knightvest founder and CEO. "Marking the fourth acquisition in Fund II announced earlier this year, I'm proud of how our team continues to deliver dependable results, and I'm increasingly optimistic about 2025.
Built in 2002, the 314-unit garden style community is located in the Benbrook submarket. Knightvest has successfully upgraded and operated three other properties within a two-mile radius.
Knightvest said it plans to fully renovate the majority of the units at the Veranda, upgrading them with modern finishes that are comparable to newer construction in the area. The community's amenities will also be enhanced, including the addition of a fully renovated fitness center, upgrades to the pool area, and dog park.
Fort Worth, of course, is one of the fastest-growing major cities in Texas, and DFW as a whole added 100,000 new residents in 2023.
There remains demand for affordable high-quality housing.
“Lauren exemplifies Knightvest Fund II's mission to invest in well-located multifamily properties approximately 20 years old and modernize them to compete with newer construction in markets like Texas, Phoenix, and the Carolinas,” Knightvest officials said in a press release.