HOUSTON, April 1, 2011 /PRNewswire/ -- Crimson Real Estate Fund, L.P., and its co-investment partner, USAA Real Estate Company, have acquired the Aspen Lake office building located in far northwest Austin, Texas from Wells Fargo Bank.
Aspen Lake is a Class A, 205,000-square-foot, four-story newly completed office building located near the intersection of U.S. Highway 183 and State Highway 45, eight miles north of the 183 intersection with MoPac and Loop 360. The building is certified by Austin Energy's Green Building program.
Crimson Real Estate Fund (CREF), 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 acquires and repositions real estate opportunities in key growth markets across the United States.
"We are happy to be acquiring this well-located office building at an attractive price in a market that has positive job growth and is projected to rebound more quickly than other cities and the national real estate market as a whole," said Dean Patrinely, managing principal of Crimson Real Estate Advisors.
Leasing services will be provided by Austin-based AQUILA Commercial, LLC, under the direction of Crimson Services, LLC, an affiliate of Crimson Real Estate Advisors, L.P. Crimson Services will also provide property management services.
About Crimson Real Estate Advisors, LP
Crimson and its affiliates have acquired and developed assets valued in excess of $3 billion over the past 25 years. For more information, visit www.crimsonrealestateadvisors.com.
About USAA Real Estate Company
USAA Real Estate Company, with billions of assets under management, provides fund and separate account investments for corporate and institutional investors including acquisitions of commercial real estate, build-to-suits and development services. The USAA 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 AAA credit rated leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.
About Crimson Services, LLC
Crimson Services, LLC provides property management, leasing and project management services to real estate owners and users. Crimson currently manages approximately 3.5 million square feet of Class A office space throughout the United States. For more information, visit www.crimsonservicesllc.com
About AQUILA Commercial, LLC
AQUILA Commercial, LLC is a full-service commercial real estate firm based in Austin, Texas. Launched in January 2007, its six core founders have a combined total of more than 80 years of direct industry experience working for major national companies from CB Richard Ellis to the Trammell Crow Co. For more information, please visit: www.aquilacommercial.com
SOURCE Crimson Real Estate Fund, L.P.