USAA Real Estate Company Announces New Investment Partnership With Crimson Real Estate Fund

SAN ANTONIO, April 1 /PRNewswire/ -- USAA Real Estate Company announces a new alliance partnership with the Crimson Real Estate Fund, LP to acquire, develop and reposition real estate opportunities in key growth markets across the United States.

Co-managing principals Dean Patrinely and Leonard O'Donnell of Crimson Real Estate Advisors, LP will lead the Fund. The principals bring broad expertise in real estate analysis, and have been involved in more than $2 billion in office, hotel and residential projects throughout the United States.

"We have had the pleasure of an ongoing alliance relationship with Crimson for more than 20 years and look forward to further enhancing the partnership through this new fund," says Pat Duncan, Chairman and CEO of USAA Real Estate Company.  "Dean and his organization are highly respected in the real estate community due to their innovative and creative approach to real estate development, investments and management."

The real estate opportunity fund will target investments in office, resort hospitality, residential and mixed-use properties with the potential to invest through a variety of transaction structures, ranging from direct acquisition, preferred equity investments in existing ventures and joint ventures. The Fund expects to acquire up to $1 billion of assets across all asset classes, placing particular focus on Crimson's extensive operational and development expertise in virtually all product types.

"Len and I are excited about the Crimson Fund, especially given that Pat Duncan and USAA Real Estate Company are again collaborating with us, this time as the major limited partner of the Fund," said co-managing principal Dean Patrinely. Our 20-year track record of pursuing successful projects together enhances our ability to harness distressed opportunities. The combination of the fund's capital and our execution capabilities will enable us to recapitalize and reposition quality real estate assets currently in distress, creating significant value for our Fund investors."

About USAA Real Estate Company

USAA Real Estate Company, with approximately $5 billion 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, retail and hotel properties as well as investments in real estate operating companies with annual volume transactions exceeding $1 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.

About Crimson Real Estate Advisors, LP

Crimson Real Estate Advisors has emerged as a national leader in the acquisition, development and asset management of sophisticated real estate projects throughout the United States. Its execution capabilities have led to the successful delivery of properties in a variety of sectors, including high-performance corporate headquarters, luxury residential and mixed-use properties. This, coupled with broad expertise and superior execution skills provided by its service subsidiaries, has been the hallmark of its long-standing client relationships. For more information, visit www.crimsonrealestateadvisors.com.

SOURCE USAA Real Estate Company