DALLAS-A joint venture partnership comprised of KnightvestCapital and Panther Transaction Group has acquired a 158-unitmultifamily complex out of foreclosure.

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The venture paid a little less than $2.5 million forAugust Park Apartments, which previously had a $5 million mortgagewith Fannie Mae. The GSE hired Taylor Snoddy of Transwestern’slocal office to market the property.

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August Park Apartments is the first investment for the ventureand the third apartment buy for Knightvest Capital in the past ninemonths, according to KC Kronbach, a principal with KnightvestCapital, a local investment firm that is targeting distressedmultifamily assets in Texas. Fort Worth-based Panther TransactionGroup is headed by Tommy Pigg and Doug Kincaid.

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Located at 2808 N. St. Augustine Rd. in the Pleasant Grovesubmarket, August Park Apartments is a class B asset in a class Carea, Kronbach says. “We like the Pleasant Grove submarket,” hetells GlobeSt, adding that the firm has found success with itvalue-added purchase of a 304-unit complex located just around thecorner.

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That property, Mira Flores (formerly known as Bruton Oaks) was65% occupied when the firm acquired it last year, Kronbach notes.Now its occupancy is in the mid-80% range.

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Built in 1986, August Park Apartments offers a unit mix of one-and two-bedroom units that lease for an average of $571 per month.At the time of acquisition, the property was 65% occupied.

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“This is a value-added opportunity, and we’re coming in with acapital budget to upgrade the property,” Kronbach says. The firmwill spend $300,000 to improve the unit interiors including newfixtures and flooring.

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With the addition of August Park Apartments, Knightvest Capitalnow owns and manages seven properties totaling roughly 750multifamily units in the Metroplex.

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