DALLAS, TX – KBS, one of the largest investors in premier commercial real estate in the nation, in a joint venture with the Southern Land Company, announced the completion of the first phase of a ground-up development: Novē at Knox, a 310-unit Class A luxury multifamily complex in the Knox/Henderson district near Downtown Dallas, Texas. The final completion is expected in March 2021.
The project, a hospitality-inspired high-rise apartment complex, represents KBS ability to identify and leverage opportunities in a market where it has historically owned industrial and office properties, according to Giovanni (Gio) Cordoves, Western regional president for KBS.
KBS is known for its ability to recognize opportunities in a market where it has historically owned industrial and office properties, says Cordoves. In Novē at Knox, we realized the opportunity to make synergies between the Class A office properties in our Dallas portfolio and a high-design luxury apartment development that serves the affluent Knox/Henderson district.
KBS is the asset manager of eight best-in-class office properties in the Dallas/Fort Worth market: 3811 Turtle Creek, Highland Park Place, Legacy Town Center I-III, Preston Commons, Providence Towers, Sterling Plaza and Tollway North, among others. Novē at Knox is the first and only apartment complex in the firm s client portfolio in the Dallas area.
The outlook for the Dallas market is bright at the end of a year that experienced many challenges due to COVID-19, according to Brett Merz, asset manager for Novē at Knox and senior vice president at KBS.
The Dallas-Fort Worth region demonstrates fantastic promise as we navigate our way through the pandemic, says Merz. KBS choice to invest in a ground-up multifamily development with resort-style features like Novē at Knox meets the growing demand for luxury apartment units in this market.
According to Cushman & Wakefield, the Dallas market added nearly 48,000 jobs during the fourth quarter of 2020, bringing it close to pre-pandemic unemployment levels, and saw its population reach a new high of over 7.8 million residents in December 2020.
Novē at Knox is a 19-tale apartment tower adjacent to Dallas affluent Highland Park and Turtle Creek neighborhoods. The development is located within walking distance to high-end entertainment, dining, and shopping venues including Trader Joe s, LuluLemon, Apple, Z Gallerie, Pottery Barn and Crate & Barrel.
This property offers many amenities that aren t available in other multifamily complexes in the Downtown Dallas market, says Merz. These include unobstructed 360-degree views, a 465-space parking garage, state-of-the-art latch entry and access system, a landscaped pool deck with fitness terrace, year-round pool with a large sundeck and private gazebos, community lounge, business center, recreation room, fitness center with yoga studio, dog park, valet parking, a park, and a barbecue area that can be used for concerts, movie nights, cocktail parties, and other programming. In addition, the concierge, who is the face of the community, gets to know all of the tenants wants and needs and makes a real sense of security for the residents. Novē at Knox offers renters a fantastic, walkable mixed entertainment environment.
The property is clearly identifiable in the area and is distinct from other multifamily properties in the market, according to Ben Crenshaw, senior vice president of design for the Southern Land Company, designer for the project.
Novē at Knox takes its cues from the hospitality industry. It doesn t feel like the usual multifamily development, says Crenshaw. We purposely positioned the glass to take advantage of the views from every apartment. We made a hotel-like entryway with a unique fitness center overlooking the pool deck and this project features a cohesive design that blends the exterior with the interior to make a tailored look. Many of those details carry through from the exterior to the common spaces to the tenant units. It s a right departure from many Dallas multifamily communities.
Novē at Knox features a unit mix that is tailored to several types of renter: singles, singles with a flex room, single family, and multiple penthouses currently under construction, says Crenshaw. Each unit is maximized for use of space and flow. Tenants can easily go up when they desire more space or downsize when they need less space. This community offers a more livable layout for each renter type.
The newly completed development is already generating significant interest from Dallas renter population, notes Jenna Garcia of Southern Land Company, property manager of Novē at Knox.
Novē at Knox, with its unique look and amenities, truly distinguishes itself from any other apartment complex in the area, says Garcia. We anticipate a long waiting list of potential renters who are keen to live in this attractive and convenient new addition to the Dallas market.

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HAMILTON, NJ – Total construction starts fell 2% in February to a seasonally adjusted annual rate of $797.3 billion. Nonbuilding construction starts posted a solid gain after rebounding from a weak January, but, residential and nonresidential building starts declined, leading to a pullback in overall activity. The Dodge Index fell 2% in February, to 169 (2000=100) from January s 171.
With spring just around the corner, hope is building for a strong economic recovery fueled by the growing number of vaccinated Americans, said Richard Branch, Chief Economist for Dodge Data & Analytics. But the construction sector will be hard-pressed to take advantage of this resurgence as rapidly escalating materials prices and a supply overhang across many building sectors weighs on starts through the first half of the year.
Below is the full breakdown across nonbuilding, nonresidential, and residential construction:
Nonbuilding construction starts gained a robust 20% in February to a seasonally adjusted annual rate of $200.3 billion. The miscellaneous nonbuilding sector (largely pipelines and sitework) surged 76%, while environmental public works increased 26%, and highway and bridge starts went 11% higher. By contrast, utility/gas plant starts lost 17% in February. For the 12 months ending February 2021, total nonbuilding starts were 13% lower than the 12 months ending February 2020. Highway and bridge starts were 4% higher on a 12-month rolling sum basis, while environmental public works were up 1%. Miscellaneous nonbuilding fell 26% and utility/gas plant starts were down 37% for the 12 months ending February 2021. The largest nonbuilding projects to break ground in February were the $2.1 billion Line 3 Replacement Program (a 337-mile pipeline in Minnesota), the $1.2 billion Red River Water Supply Project in North Dakota, and the $950 million New England Clean Energy Connect Power Line in Maine.
Nonresidential building starts fell 7% in February to a seasonally adjusted annual rate of $208.1 billion. Institutional starts dropped 8% during the month despite a strong pickup in healthcare. Warehouse starts fell back during the month following a robust January, offsetting gains in office and hotel starts, and dragging down the overall commercial sector by 8%. For the 12 months ending February 2021, nonresidential building starts dropped 28% compared to the 12 months ending February 2020. Commercial starts declined 30%, institutional starts were down 19%, and manufacturing starts slid 58% in the 12 months ending February 2021. The largest nonresidential building projects to break ground in February were Ohio State University s $1.2 billion Wexner Inpatient Hospital Tower in Columbus OH, ApiJect Systems $785 million Gigafactory in Durham NC, and Sterling EdgeCore s $450 million data center in Sterling VA.
Residential building starts slipped 7% in February to a seasonally adjusted annual rate of $388.9 billion. Both single family and multifamily starts fell during the month, with each losing 7%. For the 12 months ending February 2021, total residential starts were 4% higher than the 12 months ending February 2020. Single family starts gained 12%, while multifamily starts were down 15% on a 12-month sum basis. The largest multifamily structures to break ground in February were Bronx Point s $349 million mixed-use development in The Bronx NY, the $215 million Broadway Block mixed-use building in Long Beach CA, and the $200 million GoBroome mixed-use building in New York NY.
Regionally, February s starts fell lower in the South Central and West regions but went higher in the Midwest, Northeast, and South Atlantic Regions.

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ORLANDO, FL – Elevation Financial Group, a senior and multifamily affordable housing provider, announces the successful disposition of Elevation Real Property Fund VI asset, Serenity Apartments at Columbus. The 211-unit multifamily community sold for $13 million.
Located in Columbus, Georgia, the property was bought in July 2018 for $7.6 million and was 72% occupied. Elevation recognized the immense potential in the unique mix of garden-style and larger than average townhome units as well as the prime location. Being situated within eight miles of Fort Benning Army base, three miles from Columbus State University and within minutes to many large employers, its location presented an ideal opportunity to deliver affordable and quality workforce housing to Columbus residents. After making many value-add enhancements, including the revitalization of over 50 apartment units, Elevation was able to significantly increase occupancy which remained high throughout its ownership. At the time of sale, occupancy was 96%.
“Throughout our tenure with Serenity Apartments at Columbus, our team at Elevation consistently performed above and beyond expectations. From rehabilitation and upkeep to leasing and management, I could not be prouder of the exemplary service and value that we delivered for our residents and investors alike,” said Chris King, CEO of Elevation. “As Serenity Apartments at Columbus transitions to a new owner, we can all take pride knowing that we fulfilled our mission to make safe, clean, and affordable housing for residents while delivering superb results for our investors.”
The revitalization included a complete rehabilitation of the leasing office, new carpet in all exterior breezeways, exterior painting of the townhome buildings, parking lot paving, and restoration of over 50 apartment units, 10 of which were uninhabitable.
Serenity Apartments at Columbus marks the sixth disposition for Fund VI. Properties remaining in the portfolio include a multifamily community in Alabama, one in Mississippi, two senior properties in Virginia, and one senior community in Illinois.

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