""USAA Real Estate Company"":http://www.usrealco.com/default.aspx, a San Antonio-based company that provides fund and separate account invest-[IMAGE]
ments for corporate and institutional investors, recently announced a new investment partnership with ""Crimson Real Estate Fund, LP"":http://www.crimsonrealestatefund.com/index.html, to acquire, develop, and reposition real estate opportunities in key growth markets across 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,"" said Pat Duncan, chairman and CEO of USAA Real Estate Company.
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.
The fund will be led by Dean Patrinely and Len O'Donnell, who are co-managing principals of Houston-based Crimson Real Estate Advisors, LP, which sponsors Crimson Real Estate Fund. Both Patrinely and O'Donnell bring broad expertise in real estate analysis and have been involved in more than $2 billion in office, hotel, and residential project throughout the United States.
""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,"" Patrinely said. ""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.""