Knightvest Snags $81M Refi for Houston Apartments, Makeover on Way
Knightvest Capital has closed on an $81 million refinancing of the Domain Memorial, a 313-unit townhome rental community in Houston. Mesa West funded the loan. A portion of the proceeds from the five-year, floating-rate loan will be used by Knightvest to complete the interior renovations that have resulted in increased occupancy and meaningful rent premiums during its hold period. The property is currently 95.2% occupied.
During its ownership, Knightvest has made renovations across most units, along with exterior and common area upgrades including improvements to the parking lot, installation of a new EV charging station, enhanced lighting and landscaping, and updates to the clubhouse, pool area and fitness center.
Built in 2016, Knightvest acquired the property from the developer in 2022. Located at 14800 Memorial Drive in Houston’s Briar Forest/West Memorial submarket, the community offers a mix of one-, two-, and three-bedroom two-story townhomes averaging 1,300 square feet, housed in 29 residential buildings on a 12.7-acre site.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout