San Antonio, TX – November 18, 2010 – (RealEstateRama) — USAA Real Estate Company announces the purchase of Patterson Court, a Class-A multifamily community located at 8112 Patterson Wood Drive in Little Lake Bryan, a master development in Orlando. The property was purchased from Atlanta-based Woods Partners. Details of the transaction have not been disclosed.
The 384-unit property, totaling 452,928 square feet and completed in 2008, is 100% master leased by a large institutional tenant. Garden-style amenities, including a pool with adjacent plaza, clubroom and state-of-the-art fitness and business centers, offer residents a resort environment, spanning 20 acres and located less than a mile from the Walt Disney World® Resort and Sea World.
“We are pleased about the opportunity to acquire a recently-constructed Class-A property located in a highly desirable area and 100% leased to a large institutional tenant,” says USAA Real Estate Company Chairman and CEO Pat Duncan. “Patterson Court is a welcome addition to our portfolio of quality multifamily properties located in prime locations across the country.”
About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. Through quality construction, responsible land development and intelligent design, Wood Partners’ communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the development of more than 36,000 homes with a combined value of more than $4.5 billion in the Southeast, Washington D.C., Texas, Colorado, Nevada, Arizona and California. To learn more about Wood Partners, please visit our Web site at www.woodpartners.com
About USAA Real Estate Company
USAA Real Estate Company, with approximately $6 billion 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 with annual volume transactions exceeding $3 billion. 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.