New Owner To Update Ardan West Village in Uptown
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An Uptown mixed-use property is in for a renovation following its acquisition by the Dallas-based multifamily investment and management firm Knightvest Capital.
Situated in the West Village shopping and dining district at 2975 Blackburn St., Ardan West Village was built by Cityplace Company and Forest City Realty Trust. The L-shaped building with its 23-story residential tower was delivered in 2018, comprising around 390 luxury units, a 150-room hotel, and roughly 16,000 square feet of retail and dining.
Knightvest Capital bought the property from Brookfield Properties (which previously acquired Forest City Realty Trust) for an undisclosed amount. According to Dallas County property records, Knightvest Capital secured a $112 million loan to accomplish the purchase.
The company focuses on acquiring and recalibrating multifamily communities in high-growth Sun Belt markets by investing in underperforming properties, renovating and improving operations to realize efficiencies and drive rents and occupancy.
“At Ardan in Uptown, we are genuinely excited to continue our strategy of acquiring premier institutional-quality properties at deep discounts to replacement cost,” said Knightvest Capital founder and CEO David Moore in a news release. “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.”
Uptown has been on a tear, having transformed into one of Dallas’ most desirable high-end neighborhoods for luxury multifamily, Class A and above office space, and walkable mixed-use development. A steady stream of corporate relocations is driving the neighborhood’s evolution into a premier live-work-play environment, but residential is still very much part of the game.
Knightvest Capital’s acquisition will see a value-add renovation plan deployed to “elevate the resident experience and firmly position Ardan within the top tier of the Uptown Dallas market.” The firm will invest in upgrades to the multifamily clubhouse, fitness center, pool area, landscaping, tech features, and other common areas. Select units will also be brought up to a “premium finish level,” according to the news release.
Current residents enjoy finishes and conveniences like quartz countertops, stainless steel appliances, wood-style flooring, in-unit washers and dryers, and private balconies. Additional amenities include a rooftop terrace, wellness spa, and coworking space.
Arden West Village’s website currently advertises one- and two-bedroom units with floorplans ranging from 678 to 1,630 square feet. The cheapest unit is priced at $2,152 per month. The most expensive is going for $5,978.
The property is also in for some rebranding, with Multi-Housing News reporting that the development will start going by “Ardan Apartments.”
