Joshua Partners and Knightvest Capital Complete Multifamily Acquisition in Dallas, TX

    DALLAS, TX, June 24, 2010 /24-7PressRelease/ -- Joshua Partners, LLC, a growing real estate investment firm targeting distressed multi-family properties in Texas, today announced the acquisition of a 230-unit multi-family complex in north Dallas. The acquisition was a joint venture between Joshua Partners and Knightvest Capital, a real estate investment company specializing in repositioning class C multi-family investments.

The property, recently renamed Las Terrazes, is located at 14018 Brookgreen Dr. in Dallas, TX. The investment firms acquired the property out of receivership and are currently in the process of renovating the entire complex. With 230 units situated in a thriving submarket of over 90% occupancy, the firms intend to bring significant value to the current and future tenant base.

"Joshua Partners has spent the past year and a half studying the Texas real estate market and we believe that this is the asset class with the most upside," said Wes Dowdle, President of Joshua Partners. "Las Terrazes meets every one of our criteria for an acquisition, and we are very excited about the long-term opportunities it presents for our investors, shareholders, and residents."

The property was acquired out of receivership and was in need of significant capital improvements. The companies were able to acquire the property at a reasonable discount allowing them to invest in the necessary capital improvements, implement comprehensive property management solutions, and offer a market-leading product at very competitive rent rates. Average rent for Las Terrazes is expected to be in the $450 - $700 per month range, depending on the unit.

"Joshua Partners and Knightvest have very similar investment criteria and management philosophies," stated KC Kronbach, President of Knightvest Capital. "We have a hands-on approach and a complementary skill set, so this investment was a 100% green light for all of the stakeholders involved. We are well ahead of our refurbishment schedule and are seeing tremendous acceptance from the local base of multi-family tenants."

About Joshua Partners, LLC

Joshua Partners (JP) is a commercial real estate investment and property management firm that aims to partner with investors and family offices to identify and maximize the value of opportunistically-priced real estate within Texas. JP's primary areas of focus are multi-family and student housing. JP plans to acquire properties at discounted prices and add significant value to each property through disciplined asset, property, and financial management. Additionally, JP aspires to provide local investors with an opportunity to invest with an integrity-based, fully-transparent firm that is equally vested and personally managing every investment opportunity. The goal is maximum returns and peace-of-mind for investors.

Website: http://www.joshuafirm.com

About Knightvest Capital

In 2007, Knightvest Capital was founded as a real estate investment company in Dallas, Texas, specializing in repositioning class C multifamily investments. A unique property and asset management strategy, a high level of integrity and a laser focus equates to improved quality of life for our residents and their communities. Knightvest Capital's strategic advantage is deriving stakeholder value through direct, sponsorship management and partnerships with local community organizations. The stewardship of our partner's capital is only surpassed by our desire to return higher than projected yields while making lasting change in communities.

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