Blackard Global Sells Dallas Luxury Community

Draper and Kramer has acquired the 211-unit rental property located in the suburb of McKinney.
St. Paul’s Square. Image courtesy of Draper and Kramer Inc.

A Dallas-based development firm has sold a 211-unit luxury rental community in the Dallas area for an undisclosed price. Blackard Global, a developer of luxury rental communities, sold St. Paul’s Square in McKinney, Texas to Draper and Kramer Inc. The company also secured a $26.5 million HUD loan originated by Midland States Bank to acquire the property, according to Yardi Matrix data.

Located at 470 Adriatic Parkway, the community is part of Adriatica Village, a mixed-use development designed in a style reminiscent of a Croatian fishing village. The development features old-world style architectural details as well as 18,000 square feet of retail offerings including shopping, restaurants and entertainment.

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Built in 2015, the two-building community was 93.8 percent occupied at the time of the sale and offers a mix of one-, two- and three-bedroom units with an average size of 1,038 square feet, according to Yardi Matrix data. Resident amenities at the 10.3-acre property include a fitness center, clubhouse, business center, swimming pool, spa and 430 covered parking spaces.

Draper and Kramer’s purchase of St. Paul’s Square marks the company’s third acquisition in Texas. The first two properties the company owns and operates are The View at Encino Commons, a 324-unit community in the San Antonio area, and Sonterra Blue, a 342-unit community also located in the San Antonio area. In February of this year, the company broke ground on a 275-unit community in Chicago’s South Loop. The development will be located near McCormick Square and will be the largest residential community built in the area since 2010.