Draper and Kramer, a national real estate services firm, today announced the acquisition of Griffis at Riata, a 307-unit multifamily property at 5705 Diehl Trail in Austin, Texas. Completed in 2017, the rental community spans 16.9 acres in the heart of the city’s tech district. Under Draper and Kramer ownership, the property will be rebranded DK Riata.
The LEED Silver Certified community comprises 195 one-bedroom units and 112 two-bedroom units across 17 buildings, including five three-floor apartment buildings and 12 two-story rental townhomes. Located adjacent to Apple’s expanding Austin corporate campus on Parmer Lane, the community offers easy access to downtown Austin, Riata Corporate Park, the Arboretum outdoor shopping center, Lakeline Mall, The Domain Shopping Center, St. Edwards Park and Lake Travis. At the time of purchase, the property was 95% leased. Rents start at $1,650 per month.
“As we grow our firm’s footprint nationally and in Texas, where we already have a presence in the Dallas-Fort Worth metroplex, we are thrilled to enter the Austin market, which continues to be one of the fastest growing and most highly sought-after residential destinations in the country,” said Todd Bancroft, president and CEO of Chicago-based Draper and Kramer. “The Riata property dovetails nicely with our portfolio as a newer construction asset with a best-in-class amenities package, along with an ideal location near job opportunities, shopping, restaurants and recreational activities.”
Apartments at DK Riata measure 713 to 1,848 square feet and feature high-end unit finishes, including plank-style flooring; island kitchens with granite countertops and stainless-steel appliances; and 9-foot ceilings throughout. All apartment homes include in-unit washer/dryer, smart thermostats and spacious walk-in closets. Some first-floor apartments also feature private fenced-in yards.
Community amenities include co-working spaces, a resident lounge, two large fitness centers offering on-demand fitness classes, and pet-friendly amenities including a pet spa and dog park. Other outdoor amenities include a resort-style pool with loungers and cabanas, a two-grill outdoor kitchen, and large fire pit area. The property also features numerous outdoor seating areas and well-manicured landscaping.
This is the first multifamily property under Draper and Kramer ownership and management in the Austin area, adding to its Texas portfolio that includes three assets in the Dallas-Fort Worth market: Bell Tower Flats and Bell Tower Reserve, two adjacent communities in McKinney that offer 211 market-rate units and 121 active senior units, respectively; and Crest at Las Colinas Station, a 374-unit luxury rental community in Irving.
Draper and Kramer’s diversified multifamily portfolio includes over 20 properties across Austin, Chicago, Dallas, Denver, Phoenix and St. Louis.
