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3/12/21
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KBS and Southern Land Company have completed the first phase of a ground-up development: Novē at Knox, a 309-unit Class A luxury multifamily complex in the Knox/Henderson district near Downtown Dallas, TX. The final completion is expected in March 2021.
“In Novē at Knox, we realized the opportunity to create 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,” notes Giovanni (Gio) Cordoves, Western regional president for KBS.
Located at 3031 Oliver St, Novē at Knox is a 19-story 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.
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 Ben Crenshaw, senior vice president of design for the Southern Land Company, designer for the project. “Each unit is maximized for use of space and flow. Tenants can easily move up when they desire more space or downsize when they need less space. This community offers a more livable layout for each renter type.”
Amenities at the project 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 community includes a concierge, which is expected to help create a real sense of security for the residents.
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 great promise as we navigate our way through the pandemic,” says Merz. “KBS’ decision 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.
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