DALLAS-Knightvest Capital has completed its fourth acquisition this year, buying a 370-unit, class B apartment complex out of foreclosure. The local firm bought the property, Copper Creek Apartments, for an undisclosed amount from Wrightwood Capital of Chicago.
“We are in acquisition mode,” says David Moore, president of Knightvest Capital. “We believe now is the time to buy because refinancing is still difficult for some owners, and all of our deals have been broken--bought out of foreclosure.”
In total, Knightvest has invested $20 million for about 900 apartment units in 2010, Moore tells GlobeSt.com. “We want to invest the same amount next year in four to five deals,” he explains.
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