SAN ANTONIO, TX - On May 28th, USAA Real Estate Company acquired The Mondrian at CityPlace, a transit oriented Class-A mixed-use property located in the Uptown neighborhood of Dallas, Texas, from ZOM Cityplace, L.P. The purchase price of the property was not disclosed.
Source: USAA Real Estate Company
The property, which was built in 2005, contains 218 multi-family units housed in a 21-story high rise flanked by two 4-story loft style buildings. The property also includes 19,497 square feet of street level retail space with Med-Health, Toscana Pizza and The Cupcake Factory among the diverse mix of Mondrian retail tenants. Located at 3000 Blackburn Street and McKinney Avenue, only two blocks from the Dallas Area Rapid Transit (DART), residents enjoy direct access to the downtown areas of Dallas and Plano, as well as Baylor University Medical Center, Southern Methodist University, West Village shopping, dining and entertainment. The Central Dallas submarket offers convenience and proximity to major businesses and attractions.
On-site amenities resemble condominium living with controlled-access residential parking, a resort-style pool, a Zen Garden with fireplace, wireless cyber cafe, personal fitness training and massage therapy services. Apartments, ranging from 910 to 2,985 square feet, feature upgrades such as granite countertops, fireplaces, stainless steel appliances, hardwood flooring and accentuated ceilings in penthouse and loft units.
"This investment represents a timely opportunity to acquire a strategically-located upscale property, located in a strong market and which ideally matches our multi-family product criteria," said Pat Duncan, chairman and CEO of USAA Real Estate Company.
USAA Real Estate Company, with approximately $5 billion 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 with annual volume transactions exceeding $3 billion. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922.