SAN ANTONIO, TX - An affiliate of USAA Real Estate Company announced the successful acquisition of a significant interest in two of Gables' Class A, multi-family and mixed use properties located in Austin and Dallas, Texas. USAA Real Estate Company's joint venture with Atlanta based Gables Residential was executed in January of 2011 for a portfolio of Gables' existing Class-A stabilized communities and select urban infill ground up developments for a total development and acquisition cost of over $400 million for all interests.
Source: USAA Real Estate Company
The joint venture kicked off construction earlier this year on two ground-up developments: the 333-unit Gables Fairmount community in the Uptown market of Dallas, Texas and the 281-unit Gables Upper Rock community in Rockville, Maryland.
"We are proud of our joint efforts with the Gables team in building a portfolio of premier multi-family assets across the country and look forward to many more opportunities going forward," says USAA Real Estate Company Chairman and CEO Pat Duncan.
David Fitch, President and CEO of Gables Residential commented, "We are very pleased to have USAA invested in several of Gables' most high profile communities and look forward to expanding this dynamic venture."
With a mission of Taking Care of the Way People Live, Gables Residential has received national recognition for excellence in the management, development, acquisition and construction of luxury multi-family communities in high job growth markets. Gables Residential owns, develops and manages multi-family communities and mixed-use developments in Atlanta, Austin, Dallas, Houston, Memphis, South Florida, Southern California, and metropolitan Washington, D.C. Additionally, it has third-party management operations in the Chicago, New York, Boston, Phoenix, Central and North Florida, and Washington State markets. Gables Residential enjoys a healthy portfolio with approximately 38,000 apartment homes under management, including a corporate-owned portfolio of 63 stabilized communities comprising approximately 16,000 apartment homes. An additional 6 communities are under development/lease-up, comprising approximately 1,600 apartment homes. Gables has the ability to develop another 3,000 apartment homes through its shadow pipeline of undeveloped land. Gables Residential is a privately held REIT.
USAA Real Estate Company, with billions in real estate assets under management, provides co-investment, acquisition, build-to-suit and capital for development. The USAA portfolio consists of multi-family, office, industrial, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922.