NEW YORK, NY - Crimson Real Estate Fund, L.P. (CREF), and its co-investment partner, USAA Real Estate Company, have acquired an urban infill multifamily development site in New York. Patrinely Group, an affiliate of CREF, will co-develop the property along with DHA Capital LLC, a New York-based real estate development firm.
The 0.634 acre site is located at 546 W. 44th Street on Manhattan's west side. The proposed project will have 298 units of market rate (80 percent) and affordable (20 percent) housing in addition to a full complement of amenities. The two-building project is slated to begin construction in the first quarter of 2014.
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.
"We are pleased to be entering the market with a well-located site with USAA and working with DHA Capital, whose principal Dan Hollander is experienced in developing Class A multifamily properties in Manhattan," said Dean Patrinely, managing principal of Crimson Real Estate Advisors.
Crimson and its affiliates have acquired and developed assets valued in excess of $3 billion over the past 25 years.
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.