Draper & Kramer Acquire 307-Unit Austin Rental Community

Draper and Kramer has acquired the 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 project is directly across the street from Austin’s Apple corporate campus, which currently has 6,000 employees. At the time of purchase, the property was 95% leased.

The 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. Rents start at $1,650 per month.

Apartments at DK Riata measure 713 to 1,848 square feet. Some first-floor apartments feature private fenced-in yards. Community amenities include co-working spaces, a resident lounge, and two large fitness centers offering on-demand fitness classes. Other outdoor amenities include a resort-style pool with loungers and cabanas, a two-grill outdoor kitchen, and a large fire pit area.