Knightvest Capital, a vertically-integrated multifamily investment company, announced the successful acquisition of the apartment community Discovery at Shadow Creek Ranch in the growing Houston suburb of Pearland, Texas. With this acquisition, Knightvest now owns an active portfolio of over 35,000 units.
Originally built in 2010, the 347-unit apartment community features garden-style buildings. Knightvest plans to renovate and reposition the property by updating unit interiors with contemporary finishes to meet the demands of modern residents. Additionally, Knightvest plans to enhance the property’s amenities, including an expansion and renovation of the fitness center, pool, and clubhouse. As part of the modernization efforts, Knightvest will rename the community to Barron Park.
“Over the last decade, we’ve quietly grown to become one of the largest multifamily owners in the country by delivering dependable results driven by our consistent ability to identify underperforming properties and transform them into modern communities that compete with new construction,” said David Moore, Knightvest Founder and CEO in a statement. “Once again, our talented team has identified a compelling opportunity with the Barron Park community with the purchase price significantly below the replacement cost.”
