SAN ANTONIO, TX - USAA Real Estate Company and national developer JLB Partners, LP formed a joint venture to develop Buckhead Village, a Class-A multi-family community in Atlanta, Georgia. This constitutes the first transaction between the two companies, launching this relationship.
Buckhead Village will offer 373 units situated in four and five-story buildings, totaling 345,224 square feet, and 583 parking spaces in the prestigious Buckhead neighborhood, known for upscale housing, shopping and entertainment.
The location on Pharr Road is within walking distance of premier shops, restaurants and hotels. Buckhead's proximity to major thoroughfares and rapid transit that provide quick access to Downtown Atlanta, Midtown, Perimeter Center and Hartsfield International Airport, has also made it an attractive locale for more than 15 million square feet of office space.
With the buildings being both LEED and Energy Star Certified, residents can choose from spacious one and two-bedroom floor plans that feature hardwood floors, granite countertops and stainless steel E-star appliances. Three Zen gardens, a library and roof-top fitness center and indoor/outdoor lounge are among other premium amenities.
"The principals of JLB Partners have a history of developing exceptionally designed properties in core markets," says USAA Real Estate Company Chairman and CEO Pat Duncan. "We are pleased to partner with this professional and experienced team on this project and look forward to exploring future co-development opportunities."
"We are extremely proud to be partnering with USAA on Buckhead Village in Atlanta. Their team exhibited great market knowledge and understanding of a complex development transaction, and we anticipate expanding our relationship with other opportunities nationwide," Bay Miltenberger, JLB's Managing Partner.
Construction on the project commenced August 8th with the first buildings expected to be delivered in October 2012.
JLB Partners, LP, is a national developer, builder and manager of Class-A multi-family assets in select markets of the U.S. JLB has been involved in a broad array of real estate developments including low density garden and medium-to-high density wrap and podium product intended for conventional rental, student housing and mixed-used developments.
USAA Real Estate Company manages a multi-billion dollar portfolio including recent acquisitions of $3 billion and under development assets of $2 billion. The company provides co-investment asset management services to U.S. pension funds as well as foreign and domestic institutional investors. USAA Real Estate Company also provides capital to partners across the country for development in virtually all product types. The portfolio consists of office, industrial, multi-family, 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.