USAA Real Estate Company Acquires Broadstone Development in North Dallas
San Antonio, TX – December 23, 2009 – (RealEstateRama) — On December 23, an affiliate of USAA Real Estate Company acquired Broadstone Parkway, a Class A urban fill mixed-use development comprised of 333 residential units and 39,167 square feet of ground floor commercial space located at 5005 Galleria Drive in North Dallas/Addison from Bank of America. The purchase price has not been disclosed.
The property, developed and constructed by Opus West Alliance Residential and Alliance Residential Builders in 2008, consists of three four-story buildings featuring both one and two-bedroom townhome floor plans and ground-level commercial space. Residential amenities include a two-story athletic center and cardio theater, movie lounge, relaxation garden and resort-style pool in addition to premium interior finishes.
Dining, entertainment and shopping amenities surround the property at the nearby Galleria complex, which sits strategically near the Dallas North Tollway/LBJ Freeway ‘Main and Main’ location for Dallas area residents. The North Dallas/Addison submarket ranks fourth in multi-family dwelling across the Dallas/Fort Worth metro.
“This investment represents an opportunity to acquire a core urban infill mixed-use project that will further diversify and strengthen our portfolio,” says Pat Duncan, Chairman and CEO of USAA Real Estate Company. “More than 72% of the units offered at Broadstone Parkway are one bedroom, capturing high demand among the area’s young, educated workforce.”
The residential portion of Broadstone Parkway is currently 93.7% leased. Plans to enhance an existing attractive commercial tenant base could include additional Class A retail/office space, supporting tenants such as dry cleaners, mail centers and medical facilities as well as other retail and gallery space.
USAA Real Estate Company, with approximately $5 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.
