Knightvest Capital Acquires 1,027-Unit Silicon Hills Portfolio in Round Rock, Texas

ROUND ROCK, Texas — Aug. 18, 2026 — Knightvest Capital, a vertically integrated multifamily investment firm, has acquired the Silicon Hills portfolio, three apartment communities totaling 1,027 units in Round Rock, Texas, within the Austin metropolitan statistical area. The transaction represents the 20th investment in Knightvest's Fund II.

Portfolio Overview: Three Communities, Early-2000s Vintage

The Silicon Hills portfolio comprises three garden-style communities built between 2001 and 2004. Enclave at La Frontera is a 411-unit community built in 2004, located within the La Frontera master-planned mixed-use development in Round Rock at 2800 La Frontera Blvd. Lakeside at La Frontera, a 366-unit community built in 2001, sits adjacent to Enclave within the same La Frontera development, forming a combined cluster of 777 units in the immediate area. Legends Lake Creek, a 250-unit community also built in 2001, is located approximately six miles west in the Lakeline/Lake Creek submarket of Northwest Austin.

All three communities are zoned to the A-rated Round Rock Independent School District. The La Frontera properties sit near Dell's world headquarters, which anchors the surrounding employment corridor. Legends Lake Creek is positioned near Apple's second Austin campus, The Domain, Samsung, Amazon, Texas Children's Hospital, and other major technology, life sciences, and healthcare employers.

Renovation and Rebranding Plans

Knightvest Capital will deploy its in-house management platform across all three communities and implement a comprehensive renovation program. Planned improvements include exterior upgrades, common-area amenity refreshes, and interior renovations for a subset of units. Renovated interiors will feature modern finishes and quartz countertops, intended to position the properties more competitively against newer construction in each submarket.

As part of the repositioning effort, the firm will rebrand all three assets. Enclave at La Frontera will be renamed Brixton, Lakeside at La Frontera will become Calder, and Legends Lake Creek will be rebranded as Sutton.

"The Silicon Hills portfolio is a compelling opportunity to acquire three well-located multifamily communities in one of Austin's most desirable submarkets at a significant discount to both recent trades and replacement cost," said David Moore, Founder and CEO of Knightvest. "Fund II was purpose-built to identify assets like these — properties we can renovate to a like-new standard while maintaining a substantially lower basis than nearly all comparable vintage communities and roughly half the cost of new construction."

Market Context: Austin's Multifamily Reset

Austin has experienced a period of multifamily market correction driven by oversupply and elevated interest rates, which have pressured owners and lenders to sell at discounts rather than hold assets while waiting for values to recover. That dislocation has created acquisition opportunities for buyers able to move at a reset basis, a dynamic Knightvest Capital cited as central to the Silicon Hills transaction.

Recent Austin multifamily sales benchmarks illustrate the pricing environment. In the first quarter of 2025, six transactions totaling approximately 2,381 units traded at an average sales price of roughly $53 million per property, equating to approximately $199,000 per unit and $223 per square foot. The sale price, price per unit, cap rate, and debt terms for the Silicon Hills portfolio were not disclosed.

The acquisition is consistent with Knightvest's stated strategy of acquiring well-located communities below replacement cost and repositioning them through its vertically integrated operating platform.

About Knightvest Capital

Founded in 2007, Knightvest Capital specializes in renovating and repositioning multifamily properties across high-growth markets. The firm has invested over $11 billion to acquire more than 65,000 units across Texas, Arizona, the Carolinas, and Florida. David Moore serves as Founder and CEO. The Silicon Hills acquisition is the firm's 20th investment through Fund II, which was structured to target value-add multifamily assets at reset pricing in markets with strong employment and demographic fundamentals.