Draper and Kramer Grows Texas Presence
- Feb 05, 2020
Draper and Kramer Inc. has acquired the Crest at Las Colinas Station in the Dallas suburb of Irving, Texas. Lennar Multifamily Communities sold the 374-unit community after completing it in 2017, according to Yardi Matrix data. Dallas County records show the sale was financed through a $9.2 million loan with an additional one of up to $25.2 million from MassMutual, both set to mature in 2030.
The new owner purchased the asset through a 1031 exchange following the company’s sale of Prairies Shores, a 1,675-unit, multi-building apartment property in Chicago. In a similar transaction last December, Draper and Kramer bought HUBBARD221, a 23-story, luxury tower in Chicago.
Located at 871 Lake Carolyn Parkway within the Las Colinas planned community, the property is adjacent to the Urban Center stop on the Dallas Area Rapid Transit light-rail system, roughly 9 miles from the Dallas/Fort Worth International Airport and less than 13 miles northwest of downtown Dallas. The asset comprises studio, one- and two-bedroom apartments in a five-story building. Common-area amenities include a lounge, billiards area, flex work station and fitness center, as well as a pool with tanning shelf and an outdoor kitchen/grilling station. The community was 95 percent occupied at the time of the sale.