“Our focus is Texas, but until there aren’t opportunities in Dallas, we will probably focus here,” Moore says. “So far, there have been plenty of opportunities here.”

Wrightwood foreclosed on Copper Creek Apartments earlier this year. Knightvest heard the property was available and approached the lender before it was placed on the market.

“We were able to acquire Copper Creek ‘off market’ at a reasonable discount due to the depressed financial markets and lack of refinance options by the previous owner,” Moore says. “We were interested in the property because we own the property across the street, Las Terrazas, and we have had a positive experience in the submarket.”

Located at 13450 Mayham near the intersection of Interstates 75 and 635, Copper Creek Apartments was 78% occupied at the time of purchase. Knightvest plans to invest nearly $1 million to renovate both unit interiors and the property’s exterior.

“We did the same thing with Las Terrazas--we completed a $1-million renovation and increased occupancy from 50% to over 90%,” Moore notes. “We’re trying to do the same with Copper Creek--reposition it and improve occupancy and increase rental rates. It’s a value-added deal.”

Knightvest raised capital from a variety of private investors to acquire Copper Creek. It also obtained 10-year, fixed-rate financing from a life company. NorthMarq Capital arranged the loan.