Draper and Kramer, Incorporated has added to its national portfolio of multifamily properties with the purchase of Adriatica Senior Living, a 121-unit, amenity-rich rental community for active seniors in McKinney, Texas, a suburb located 30 miles north of Dallas. Terms of the transaction were not disclosed.
Located at 375 Adriatica Parkway, Adriatica Senior Living offers large one- and two-bedroom units with luxury finishes. The community is part of Adriatica Village, a mixed-use development modeled after a Croatian fishing village with Mediterranean-style buildings, quaint cobblestone streets and a mix of boutiques, restaurants and entertainment within walking distance of residences. Draper and Kramer also owns and manages a neighboring multifamily property within Adriatica Village, St. Paul’s Square, which it acquired in 2019.
“With our current presence not only in the Dallas market but also in Adriatica Village itself, this acquisition was a natural addition to our portfolio and aligns with our strategic focus on high-quality assets in growth markets,” said Blas Puzon, chief investment officer with Chicago-based Draper and Kramer.
Built in 2017, Adriatica Senior Living offers units ranging from 806 to 1,370 square feet. Apartments feature open plans with nine-foot ceilings, plank-style flooring in living rooms, plush designer carpet in bedrooms, built-in bookshelves, crown molding and private patios or balconies. Gourmet kitchens have granite countertops and stainless-steel appliances. Select units also have deep soaking Roman tubs with a separate shower, kitchen pantries, linen closets and double sinks. All residences offer a connection for a full-size, in-unit washer/dryer.
Common area amenities include a community dining room, resident lounge for socializing, beauty salon, business center, movie room, wellness studio and game room. In addition, there is a private covered garage for all residents.
As part of the acquisition, Draper and Kramer will assume management of Adriatica Senior Living. One of the largest property management firms in Chicago, Draper and Kramer has a residential management portfolio of more than 8,000 rental units across Chicago, Dallas, St. Louis and San Antonio.
The Dallas-Fort Worth-Arlington metropolitan area grew by 1.2 million people between 2010 and 2019, more than any other U.S. metro area, according to the U.S. Census Bureau.
“With baby boomers retiring by the millions each year, luxury senior rental housing remains a smart investment,” Puzon said. “Adriatica Senior Living is a Class A property, offering beautiful finishes and rich amenities as well as a walkable lifestyle not always easy to find in the suburbs. We think its attractiveness, plus the synergies we will realize in owning and managing both it and St. Paul’s Square, will make this a very solid investment.”
Adriatica Senior Living is Draper and Kramer’s fifth acquisition in Texas, where in addition to St. Paul’s Square, the company also owns and manages Crest at Las Colinas Station, a 374-unit luxury rental community in Irving, a northwest suburb of Dallas, as well as two luxury multifamily properties in the popular Stone Oak area of San Antonio: The View at Encino Commons, a 324-unit rental community, and Sonterra Blue, a 342-unit apartment property.