Knightvest Capital acquired the SKYE of Turtle Creek community in Dallas, Texas. This acquisition represents the sixth investment in Knightvest’s Fund II. The California State Teachers Retirement System listed the property last summer, and the local appraisal district recently appraised it at $94 million.

Built in 1998, the 331-unit high-rise is located in Uptown Dallas. Knightvest plans to renovate a considerable portion of the units and make significant updates to the exterior and common areas. These improvements will position Skye to compete with new luxury developments in the area while maintaining a compelling price advantage. As part of the renovation efforts, Knightvest has renamed the community to Remi.

Knightvest’s David Moore added, “With a purchase price significantly below replacement cost, this acquisition perfectly aligns with our strategy, and we’re excited about our momentum in Fund II.”

Following Knightvest’s planned renovations, the modernized interiors and enhanced common areas will position the community as a top-tier living destination in the area.