DALLAS, Sept. 9, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of St. Paul’s Square at Adriatica Village, a 211-unit apartment complex with 9,842 square feet of retail in McKinney, Texas.
“This unique apartment and retail investment provides new ownership with multiple income streams and residents benefit from having great retailers within walking distance,” said Will Balthrope, IPA executive managing director. Balthrope, Drew Kile, IPA senior managing director, Tommy Lovell, III, Marcus & Millichap first vice president investments, Joey Tumminello, IPA director, Richard Robson, Marcus & Millichap associate and Grant Raymond, IPA associate, represented the seller, Himalayan Ventures LLC, and procured the buyer, Draper and Kramer.
“St. Paul’s Square offers residents top-of-the-market amenities and a prime location within the Adriatica Village master-planned community, which is close to major retail, entertainment and employment drivers,” added Lovell.
Constructed in 2015, the property is positioned a few blocks off Virginia Parkway, one of the most heavily traveled thoroughfares in the city, and five miles from historic downtown McKinney. Craig Ranch, which includes a $100 million luxury Marriott Autograph Hotel and Conference Center, a 131-acre Class A office park, and the TPC Craig Ranch golf course, is 10 minutes away.
“The 19th-most populous city in Texas, McKinney is consistently rated as one of the best places to live in the Metroplex,” added Tumminello.