|By PR Newswire||
|February 6, 2014 12:27 PM EST||
HOUSTON, Feb. 6, 2014 /PRNewswire/ -- Managing Partner, Crimson Real Estate Fund, L.P. (CREF), and its co-investment partners, Admiral Capital Group and USAA Real Estate Company were successful in selling the Aspen Lake, Tower of the Hills and Tower Point office buildings which totaled approx. 380,000 square feet.
These assets, which were located in Northwest Austin, TX, were purchased on behalf of CREF in 2011. The buyer was Fortis Property Group of New York. The seller was represented by Andrew Levy and Todd Savage of HFF.
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, in addition to funding BTS office and multifamily developments around the country, acquires and repositions real estate opportunities in key growth markets across the United States.
Admiral Capital Group has partnered with USAA Real Estate Company to pursue commercial real estate opportunities nationally.
About Crimson Real Estate Advisors, LP
Crimson and its affiliates have acquired and developed assets valued in excess of $3 billion over the past 30 years. For more information, visit www.crimsonrealestateadvisors.com.
About USAA Real Estate Company
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. The USAA portfolio consists of office, industrial, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.
About Admiral Capital Real Estate Fund
The Admiral Capital Real Estate Fund is a newly launched partnership between USAA Real Estate Company and Admiral Capital Group formed by NBA Hall of Famer, philanthropist and 1987 U.S. Naval Academy graduate David Robinson and Managing Partner, Dan Bassichis. The Fund targets real estate assets including office properties, retail shopping centers, multi-family properties, hotels and mixed-used properties. The Fund seeks value add opportunities in major domestic markets with a target transaction size of $25 million to $100 million. In addition to pursuing traditional opportunities, the Fund's sponsors also seek to support community initiatives in cities where the Fund invests that embrace Robinson's mission to improve education in lower income communities.
SOURCE USAA Real Estate Company