AUSTIN, Texas - (August 30, 2023)
Chicago-based firm adds to Texas portfolio with 307-unit rental property, to be rebranded DK Riata
Draper and Kramer, Incorporated, 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 is comprised of 195 one-bedroom apartments and 112 two-bedroom units across 17 buildings, consisting of five three-floor apartment properties in addition to a selection of two-story rental townhomes, some with attached garages. 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.
About Draper and Kramer, Incorporated
Founded in 1893, Draper and Kramer, Incorporated, is a trusted financial and property services provider with a deep commitment to people, excellence, service and integrity spanning more than 130 years. Family-owned and one of the leading privately held real estate services firms in the U.S., Draper and Kramer is headquartered in Chicago with a national reach and broad offering of services. The company’s decades-long heritage has evolved over the years to meet the needs of its clients and today spans expertise in residential and commercial development, acquisition, property management and leasing; debt and equity financing for commercial properties; and residential mortgage services through affiliate Draper and Kramer Mortgage Corp. Draper and Kramer provides a single source of real estate-related counsel to a diverse group of real estate investors across the U.S. including corporations; private and institutional owners and users of real estate; government agencies; and foundations. For more information, visit www.draperandkramer.com.
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Editors:
For more information, contact Jeremy Barewin, [email protected], (312) 267-4533.
Media Coverage:
Austin Business Journal, ConnectCRE,REBusiness, MultifamilyBiz, MultifamilyDive, NewsTalk Texas, YieldPRO
