Real estate services firm Draper and Kramer Inc., just acquired a 4-year-old McKinney apartment complex known as St. Paul’s Square.
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The 211-unit, four-story building is Draper and Kramer’s third multifamily purchase in Texas, where it already owns two luxury complexes in San Antonio.
The firm’s newest asset offers units in the 735 to 2K SF range and is at 470 Adriatic Parkway in McKinney, one of the fastest-growing suburbs of North Dallas.
Keeping with the theme of live-work-play, the apartments are situated inside the Adriatica Village, a mixed-use development modeled after a Croatian fishing village that offers a mix of dining, shopping and entertainment.
“As we continue to expand Draper and Kramer’s footprint nationally, we are specifically targeting high-quality properties in growth markets like Dallas with strong population and employment fundamentals,” Draper and Kramer Chief Investment Officer Blas Puzon said.
Draper and Kramer cited U.S. Census Bureau data showing the Dallas-Fort Worth-Arlington market as having grown by more than 130,000 residents from 2017 to 2018 as one reason for its interest in the area.
