Exclusive: Draper and Kramer Sells 374 Units in Dallas Area
The buyer is a joint venture of a U.S. investor and two Belgium-based family offices.
RPM Living, Baltisse and Peruna have acquired The Louis Las Colinas, a 374-unit asset in Irving, Texas, from Draper and Kramer, according to Yardi Matrix data. The trio plans a comprehensive capital improvement program. Walton Street Capital issued a $62.3 million acquisition loan set to mature in 2029.
Draper and Kramer divested the 2017-built community after a six-year hold period. The company acquired The Louis Las Colinas, formerly Crest at Las Colinas Station, from Quarterra Multifamily in 2020 through a 1031 exchange following the sale of a 1,675-unit asset in Chicago.
Rising five stories, the community encompasses one- and two-bedroom layouts that average 873 square feet. Amenities consist of a swimming pool, resident club, private garden, as well as a gym and coworking lounge, among other features. The value-add enhancement program will touch upon amenity spaces, exteriors and apartment interiors.
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Located at 871 Lake Carolyn Parkway, the property is adjacent to a Dallas Area Rapid Transit light-rail stop, within the 12,000-acre Las Colinas master-planned hub including 8,400 multifamily units, 27 million square feet of office space and more than 200 restaurants.
Since its inception in 2002, RPM Living has acquired more than 45,000 units and taken north of 90 investments full cycle. As of 2025, the firm was one of the top apartment management companies, with a portfolio of 241,479 units.
Baltisse and Peruna are two Belgium-based family offices looking to expand their U.S. investment platforms. Baltisse, which has its U.S. real estate headquarters in Dallas, recently made another value-add acquisition by purchasing The Carson, a 298-unit asset in Charlotte, N.C.
Las Colinas draws investment amid moderating Dallas deals
Dallas-Fort Worth’s investment volume cooled, shrinking 41.2 percent year-over-year to $1.1 billion during the first five months of 2026, according to a Yardi Matrix report. Las Colinas deals clocked in at $144 million, representing 13 percent of the recorded capital.
RPM is bullish on this master-planned community and acquired another asset in the submarket earlier this year. The company teamed up with The Carlyle Group to buy the 371-unit Cannon Las Colinas from Corland in January, the data provider shows.
