Walton Street's $62.3M loan puts Las Colinas at $167K a key

Walton Street Capital provided the $62.3 million acquisition loan behind the sale of The Louis Las Colinas, a 374-unit apartment property in Irving, Texas, which Connect CRE reports RPM Living and Baltisse bought from Draper & Kramer.

Multihousing News fills in Draper & Kramer's side. The seller bought the 2017-built complex, then called Crest at Las Colinas Station, from Quarterra Multifamily in 2020 through a 1031 exchange that followed the sale of a 1,675-unit Chicago asset; the holding period is six years, a full pass-through of the refi-heavy stretch that followed.

The 374 apartments are spread over five stories at 871 Lake Carolyn Parkway, next to a DART light-rail stop inside the 12,000-acre Las Colinas master plan, a district holding 8,400 multifamily units, 27 million square feet of office space and more than 200 restaurants. One- and two-bedrooms average 873 square feet, with amenities running from the pool and resident club to a private garden, gym and coworking lounge.

With no purchase price stated in the report, the financing is the one hard economic term in view. The loan breaks down to roughly $167,000 per unit: not the number a lender attaches to a hope and a lease-up schedule. It reads as debt sized against cash flow the property is already producing, a financing version of the apartment-market math this desk has been arguing — buyers and lenders are paying for expense control and operating discipline rather than the next round of rent growth.

None of this means Draper & Kramer's exit was a windfall, and it still doesn't say what the property sold for. But in a submarket where so many comparable trades close without a public number, Walton Street's $62.3 million loan is on the record. For owners of similar 2017-era Dallas apartments now arranging refinancings, that number is the closest thing to a public underwriting floor the market has shown this cycle.