A San Antonio-based developer has plans to build a new residential apartment building in Dallas.
Apartment builder Kairoi Residential is in the very early stages of developing a 250-unit rental building along Central Expressway and Knox Street, according to an email sent to The Dallas Morning News (DMN) from Tyler Sibley, principal of development at Kairoi Residential.
Acquiring the high-profile site was a multi-year endeavor that involved the participation of several owners and was brokered by Jake Milner of Davidson & Bogel Real Estate, DMN reported.
Kairoi said there is still much to do before the rental development can officially break ground.
Kairoi Residential is “still very early in the process” of bringing the approximately 250-unit apartment building to Knox Street in Dallas but still has “a long way to go” before its complete, Sibley said in the email.
Since its founding in 2003, Kairoi has made approximately $7.7 billion worth of transactions across 65,000 total multifamily units that occupy a handful of states and metros. One of those metros is DFW, a market Kairoi entered in 2017 with its 297-unit apartment building called Amelia at Farmers Market.
Since expanding to the DFW market, Kairoi has accumulated a noticeable amount of real estate throughout the metroplex, with more than 20 acquisitions in North Dallas alone, according to the developer’s website. Nationally, Kairoi has approximately $3.9 billion in its development pipeline.
Kairoi’s ongoing projects include a 55-unit luxury rental near Southlake Town Square, a 400-unit apartment in Fort Worth’s historic Stockyards district, and a 146-unit apartment building in Uptown Dallas called the Selene, according to reporting by DMN.
As Dallas works to stay competitive in the multi-family and commercial real estate sector, it will be imperative that the City’s Manager, T.C. Broadnax, finds a solution for its backlogged and slow building permit process, which often decelerates the full development process.
