Kairoi Residential is gearing up for its fourth luxury development in Dallas.
The San Antonio-based firm plans to build an eight-story apartment building at 4939 North Central Expressway, in the Knox-Henderson area. The project is estimated to cost $75 million, according to a filing with the state. The number of units wasn’t disclosed, but the project is expected to span 265,000 square feet.
The development was planned to have 190 units when it was announced two years ago, which would put the construction costs under $395,000 per unit. It will replace a multifamily building constructed in the 1960s.
Kairoi is known for luxury apartments, and it recently developed two other complexes in Dallas. One is Selene, at 2620 Maple Avenue, next to the Crescent. It has 146 units and was built on the site of the Old Warsaw restaurant. In Oak Cliff, it built the 352-unit Boheme, at 1207 North Zang. It’s across the street from Methodist Dallas Medical Center and was built on the site of El Fenix restaurant.
The firm entered the Dallas market in 2017 with the development of the 297-unit Amelia at Farmers Market, at 999 South Harwood Street.
The Oak Cliff development was expected to pull down rents of $3 per square foot or more, Tyler Sibley of Kairoi told the Dallas Morning News two years ago. The McKinney Avenue property draws higher rents, he said.
“The renters that are drawn to these buildings are as discerning as it gets,” he said at the time. “We are seeing double income residents, no kids — working professionals that don’t have a desire to be out in the suburbs.
Kairoi designs each of its developments to suit the location, and doesn’t have a cookie-cutter approach, Sibley said. Fort Worth-based Bennett Partners is listed as the project’s architect.
The development is expected to have a two-level underground parking garage.
“It will be a very boutique building like our Selene project in Uptown,” Sibley said in 2022. “Our view is this is going to be a generational, forever type property for us.”
Kairoi often teams up with real estate investment powerhouses KKR and Cadre in acquisitions and development. It has developments across the Sun Belt, from Sacramento to Virginia Beach, plus Denver and Chicago, according to its website.
Uptown, which includes Knox Street, is one of the city’s most popular apartment markets.
Other major developments in the neighborhood include Hines’ planned 1 million-square-foot, three-tower mixed-use project that will include 282 multifamily units.
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