June 21, 2011 – (RealEstateRama) — USAA Real Estate Company announced the sale of 5th Street Crossing, a mixed-use, transit-oriented development located on 3 acres at 351 North 5th Street in Garland’s Old Town Station. The property was sold to Minneapolis-based, Oaks Properties LLC for an undisclosed sum. Mark Stymiest with CB Richard Ellis Group, Inc. represented the seller in the transaction.
The mixed-use development, consisting of 188 Class A multi-family units and approximately 12,000 square feet of retail/office space, was completed in 2009 through a development partnership between USAA Real Estate Company and High Street Residential, a subsidiary of Trammell Crow Company. USAA Real Estate and High Street Residential also partnered on two other similar “new urbanism” developments in DeSoto and Austin, Texas.
USAA Real Estate Company, with billions of dollars in 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.