Crimson Real Estate Fund and USAA Real Estate Company Break Ground On Houston Apartments
SAN ANTONIO, Dec. 8, 2014 /PRNewswire/ -- Crimson Real Estate Fund and USAA Real Estate Company are set to break ground this month on a new Class A apartment complex in the Westchase submarket of Houston.
Patrinely Group, headquartered in Houston, is developing the new 266-unit complex to be built on three acres of land next to the 2500 City West Blvd. office building. Crimson Real Estate Fund and USAA Real Estate Company acquired the 2500 City West Blvd. office building and adjacent development site in November 2011.
The Class A 4-story project, currently known as The Residences at CityWest, will offer floor plans from one to three bedrooms ranging from 600 square feet to 1900 square feet and will be built around a center parking structure and courtyard. The apartments will have prominent frontage along Westheimer Road, a major east/west corridor that will provide the project with excellent drive-by visibility and access to the Sam Houston Parkway.
The project team includes Looney Ricks Kiss Architecture of Memphis and Jordan Foster Construction. The project is scheduled for completion in July 2016.
"We have 3,000 units of rental apartment projects currently under construction in Seattle, Los Angeles, Denver, and New York and are pleased to have broken ground here on our next multifamily project, partnering once again with our friends at USAA Realco. We feel that CityWest is very well located to address the current demand for multifamily in this popular submarket," said Dean Patrinely, managing principal of Crimson Real Estate Advisors and Patrinely Group, LLC.
San Antonio-based USAA Real Estate Company has $12 billion in assets under management. Crimson Real Estate Fund, a real estate opportunity fund, is managed by Crimson Real Estate Advisors, L.P., based in Houston. USAA Real Estate Company is the largest single investor in CREF and also co-invests alongside CREF, which serves as the sponsor/operating partner. CREF acquires and repositions real estate opportunities in key growth markets across the United States.
About Crimson Real Estate Fund, LP
Crimson Real Estate Fund has acquired and/or developed assets valued in excess of $1 billion. For more information, visit www.crimsonrealestateadvisors.com
About USAA Real Estate Company
USAA Real Estate Company, with approximately $12 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.
About Patrinely Group, LLC
Patrinely Group, an affiliate of Crimson Real Estate Fund, is a national real estate development firm specializing in commercial office and residential projects throughout the United States. The company delivers best-in-class multifamily properties in urban markets and high-performance, Class A office and mixed-use developments. Patrinely Group has under development and/or completed projects totaling $5 billion since 1983. For more information, visit www.patrinelygroup.com
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SOURCE USAA Real Estate Company
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