Draper and Kramer Purchases 121-Unit Adriatica Senior Living in McKinney, Texas

MCKINNEY, Texas — Draper and Kramer has acquired Adriatica Senior Living, a 121-unit rental community for active seniors in McKinney, a suburb located 30 miles north of Dallas.

Built in 2017, Adriatica Senior Living offers units ranging from 806 to 1,370 square feet. The seller and price were not disclosed.

The community is part of Adriatica Village, a mixed-use development modeled after a Croatian fishing village with Mediterranean-style buildings, cobblestone streets and a mix of boutiques, restaurants and entertainment. 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,” says Blas Puzon, chief investment officer with Chicago-based Draper and Kramer. 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,” adds Puzon.

As part of the acquisition, Draper and Kramer will assume management of Adriatica Senior Living. The property is Draper and Kramer’s fifth acquisition in Texas.