SAN ANTONIO, Dec. 10, 2010 /PRNewswire/ -- USAA Real Estate Company recently acquired the fully entitled 1900 Wilson site from ZOM, Inc. for the development of an urban transit-oriented property located within the Courthouse District of Arlington, Virginia. ZOM has been engaged in the capacity of development manager to oversee the development, construction and lease up.
The project, 1900 Wilson, will offer 191 Class-A multi-family units, totaling 149,915 square feet, as well as 17,317 square feet of street level retail on 1.73 acres across the Potomac River from the District of Columbia. The area is central to the Court House Metro Stop along the Rosslyn Ballston Metro Corridor, a thriving mixed-use environment, and directly connected to other local and regional destinations. This project is part of a growing relationship in which USAA Real Estate Company is working with ZOM, Inc.
"Our previous experiences working with ZOM's senior team have been very positive, and we are pleased to be collaborating on this impressive project," says USAA Real Estate Company Chairman and CEO Pat Duncan. "This investment will be an exceptional class A project within the highly desirable DC market, and will provide diversification to our portfolio of multi-family and mixed-use assets."
In May, USAA Real Estate Company acquired The Mondrian at CityPlace in Uptown Dallas, a similar ZOM transit-oriented Class-A mixed-use development. ZOM's property management division, ZRS, continues to manage operations.
"We are very pleased to be working with USAA on this exciting development project," says Greg West, Chief Operating Officer of ZOM. "Our shared vision for this development is to lead the market with cutting edge product design and quality in one of the most dynamic multi-family rental markets in the county."
About ZOM, Inc.
ZOM, Inc., established in Orlando, Florida in 1977, is a vertically integrated multi-family and mixed-used development company with offices in Washington DC, Dallas, Tampa and Fort Lauderdale.
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.
For more information contact
Sharon Ballenger (210) 641-8410
SOURCE USAA Real Estate Company