Dallas multifamily investment firm Knightvest Capital has acquired the 23-story Ardan high-rise apartment community. Built in 2018, the Class A, 389-unit high-rise is located in the West Village district of Uptown Dallas.

Knightvest said it’s planning a “comprehensive value-add renovation program” at Ardan. It aims to invest  significant capital to modernize the large indoor amenity space, including a full upgrade of the clubhouse, fitness center, and pool area to better compete with newer luxury product in the submarket.

A select number of units will also be renovated to “a premium finish level,” Knightvest added, complemented by enhancements to common areas, landscaping, and tech offerings including smart home features and bulk Wi-Fi. Together, the improvements are designed to elevate the resident experience and firmly position Ardan within the top tier of the Uptown Dallas market, the firm said.

Knightvest Founder and CEO David Moore said that by acquiring and renovating Ardan, his firm is “genuinely excited to continue our strategy of acquiring premier institutional-quality properties at deep discounts to replacement cost.”

“These opportunities allow us to deliver exceptional value to our investors while positioning high-quality assets for long-term growth and outperformance in a recovering market,” Moore added in a statement.

Located in one of Dallas’ “most affluent and walkable neighborhoods,” Ardan provides residents with immediate access to Uptown, downtown, Knox/Henderson, and the Katy Trail, Knightvest noted. The acquisition further deepens Knightvest’s footprint in Dallas’ urban core, the firm added, positioning it to drive performance “through concentrated market knowledge and a proven track record of execution.”

Since its founding in 2007, Knightvest has invested over $11 billion to acquire over 65,000 units across high-growth metro areas in Texas, Arizona, the Carolinas, and Florida to become one of the largest apartment owners in the U.S., the firm said.

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