SAN ANTONIO (GlobeSt) – USAA has inked a $400 million joint venture (JV) deal with Gables Residential so that the Atlanta-based REIT can fund advancements in its development pipeline.
“We have a partner in USAA that has similar investment goals and the financial strength and experience to allow us to continue our development program of delivering high quality communities in our core markets,” said David Fitch, Gables president and CEO.
The JV will develop Class-A multifamily properties at select urban infill sites. So far, the JV has successfully closed on three stabilized properties, two of which are in Texas. Development has begun on Gables Fairmount, a 333-unit Class-A apartment project in Dallas, and Gables Bering, a mixed-use development in Houston offering 306 apartments and 11,200-sf of retail.
“This venture represents a unique opportunity to strategically add premier multifamily assets to our portfolio of investments,” said USAA Real Estate Company chairman and CEO Pat Duncan. “We look forward to building a strong relationship with the Gables team and engaging in future opportunities.”
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