Crimson Real Estate Fund and USAA Real Estate Company Break Ground on Houston Apartments

HOUSTON, TX - 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.