A USAA Real Estate Company affiliate has acquired a “significant interest” in two of Gables’ Class A, multi-family and mixed use properties in Austin and Dallas, Texas.
In January 2011, a $400 million joint venture between USAA Real Estate Company and Atlanta based Gables Residential was inked for a portfolio of Gables’ existing Class-A stabilized communities and select urban infill.
Earlier this year, construction of the joint project commenced 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.
USAA Real Estate Company Chairman and CEO Pat Duncan, said: “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.”
David Fitch, President and CEO of Gables Residential added: “We are very pleased to have USAA invested in several of Gables’ most high profile communities and look forward to expanding this dynamic venture.”
USAA Real Estate Company provides co-investment, acquisition, build-to-suit and capital for development. It has billions in real estate assets under management.