WASHINGTON, D.C. – June 29, 2011 – (RealEstateRama) — USAA Real Estate Company, co-developer with Cambridge Development Group of The Preserve on Fredericksburg, announced the sale of the 376-unit Class-A multi-family project located in San Antonio, Texas to an undisclosed institutional investor. Will Balthrope with the Balthrope Group of Institutional Property Advisors, a Marcus & Millichap Company, represented USAA in the transaction. Details of the purchase and sale agreement have not been disclosed.
The upscale apartment community, located on 25 acres adjacent to USAA corporate headquarters, utilized Humphreys & Partners Architects’ copyrighted “Big House” design that integrates numerous elements of single family residences. Since its completion in 2010, The Preserve has received “The Best of 2010 Award for Excellence in Multi-Family Residential/Hospitality”, “The Platinum Best of American Living Award”, “Grand Nugget Award for Best Multi-Family in the U.S. up to Three Stories”, and “The Best Residential Community in a Suburban Setting”, and has been recognized for incorporating “green” features such as electric vehicle charging stations and a cistern that recycles rain water for irrigation.
“The design and integrity behind this project have produced a very stable, core investment” says USAA Real Estate Company, Chairman and CEO, Pat Duncan. “The Preserve has proven to be a highly successful multi-family community as illustrated by its accelerated lease-up period.”
About Cambridge Development Group:
Cambridge Development Group, based in Houston, is a diversified real estate company that has developed over 5,000 apartments and 2.5 million square feet of office throughout Texas and Florida. Its principals share a common belief that a thorough hands-on approach to every detail is important in each development. Cambridge Development Group has a 24 year history of developing award winning multi-family projects and a 37 year history of real estate development. For more information, visit www.cambridgehouston.com.
About Institutional Property Advisors:
Since 1971, Marcus & Millichap Real Estate Investment Services has provided investment real estate broker services to markets nationwide. In 2010, Institutional Property Advisors was created to serve the needs of institutional and large private owners of investment property. The Balthrope Group specializes in the brokerage of large multi-family properties throughout Texas, with more than $3 billion in closings to date.
About USAA Real Estate Company:
USAA Real Estate Company, with billions of dollars of real estate assets under management, provides co-investment, acquisition, build-to-suit and development capital for corporate and institutional investors. The portfolio consists of office, industrial, multi-family, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.