Multifamily investor Kairoi Residential thought it had a great property on which to build its next project, but there was a hitch. The Dallas property had a condominium complex on it. Kairoi spent a couple of years acquiring each condo in the previous complex one by one and completed the process in the fall of 2023.

Now, Kairoi Residential plans to build an eight-story residential tower north of Knox Street.  

The company demolished the two-story condominium toward the beginning of the second quarter of this year and will replace the complex with the 265,000-square-foot property. Located at 4839 N. Central Expressway, Highland Oaks will have 223 units and feature a work-from-home lounge, a yoga lawn, an elevated cocktail patio, a wellness studio and a rooftop pool.  Construction will cost about $46 million.

The partners who formed Kairoi have transacted approximately $9.7 billion across 65,000 residential units since 2003.