Draper and Kramer expands Texas multifamily portfolio with acquisition of 374-unit Crest at Las Colinas Station in Irving

Crest at Las Colinas Station
Draper and Kramer announced the acquisition of Crest at Las Colinas Station, a 374-unit luxury rental community in Irving, a northwest suburb of Dallas.

Draper and Kramer, Incorporated, a national real estate services firm, today announced it has expanded its Texas multifamily portfolio with the acquisition of Crest at Las Colinas Station, a 374-unit luxury rental community in Irving, a northwest suburb of Dallas. The property was purchased by Draper and Kramer through a 1031 exchange following the firm’s 2019 sale of Prairies Shores, a 1,675-unit, multi-building apartment community in Chicago’s Bronzeville neighborhood. Terms of the Irving transaction were not disclosed.

Located within the planned community of Las Colinas, which is home to leading employers as well as a variety of entertainment, recreational and residential offerings, Crest at Las Colinas Station features a mix of studio, one- and two-bedroom units and an array of modern lifestyle amenities. The transit-oriented development is adjacent to the Urban Center stop on the Dallas Area Rapid Transit (DART) light-rail system, which provides service to downtown Dallas, Dallas/Fort Worth International Airport and Love Field Airport, among other destinations.

“Las Colinas is a proven location with strong metrics for population and employment growth, thanks to its proximity to both Dallas and Fort Worth and its position as one of Dallas’ largest and strongest office submarkets, with Fortune 500 corporations like Kimberly-Clark and ExxonMobile located there,” said Blas Puzon, chief investment officer with Chicago-based Draper and Kramer. “The Las Colinas area has long been very attractive to renters due to its reputation as a major employment hub as well as access to public transit, shopping and entertainment destinations such as the Water Street district and the Toyota Music Factory venue, and championship-caliber golf courses. This desirable location, paired with the caliber of unit finishes and amenities at Crest at Las Colinas Station, aligns this property nicely with our investment strategy that prioritizes recently built, high-quality properties.”

Completed in 2017, Crest at Las Colinas Station is currently 95% leased. Apartments range from 600 to 1,500 square feet and feature open floor plans with island kitchens, oversized windows and a private porch or balcony. Modern finishes in each unit include hardwood-style plank flooring, espresso-stained kitchen cabinetry, granite countertops and stainless steel appliances. All apartments also have an in-unit washer and dryer and walk-in closet.

The resident experience at Crest at Las Colinas Station is enhanced by a full suite of shared amenities including a resident lounge, billiards area, flex work station, fitness center and coffee bar. Outside, the community also features a pool with tanning shelf and an outdoor kitchen/grilling station.

“In the current luxury rental market, there’s a level of apartment features and amenity offerings that residents want, and even expect,” said Puzon. “At just a few years old, Crest at Las Colinas Station was designed with those high expectations in mind, making it a standout asset in a prime location.”

As part of the acquisition, Draper and Kramer will assume management of Crest at Las Colinas Station. Draper and Kramer’s purchase of the property is the firm’s second in the DFW metroplex, following its 2019 acquisition of St. Paul’s Square, a 211-unit rental community in McKinney. Draper and Kramer also owns and manages 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.

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.