USAA Real Estate Company Announces Sale of Boardwalk at Town Center – The Woodlands, Texas
October 20, 2010 – (RealEstateRama) — USAA Real Estate Company announced the sale of Boardwalk at Town Center in The Woodlands, Texas to MEPT, a $4.0 billion real estate equity fund which was advised by its real estate advisor, Kennedy Associates. Will Balthrope and Ryan Epstein with the Balthrope Group of Institutional Property Advisors, a Marcus & Millichap Company, represented USAA in the transaction. Details of the purchase and sale agreement have not been disclosed.
Beginning in 2005, USAA Real Estate Company, in partnership with Cambridge Development Group of Houston Texas, developed the Boardwalk at Town Center, consisting of 450 premium apartment homes located on Riva Row in The Woodlands, a prestigious master-planned community north of Houston. Greystar Real Estate Partners will continue to offer property management services.
“The Boardwalk is extremely well located on a beautiful waterway, within walking distance of corporate offices and upscale retail and dining, making this an attractive long term investment”, says USAA Real Estate Company Chairman and CEO Pat Duncan.
Since its completion in 2008, the property has received numerous accolades for quality and design, including the 2008 Multi-Family Executive Award-Low Rise, Best of American Living Award-Best Residential Development up to Four Stories, as well as 2008 Landmark-Multi-Family Finalist.
About Kennedy Associates Real Estate Counsel
Kennedy Associates Real Estate Counsel, LP (www.kennedyusa.com), real estate investment advisor to MEPT (www.mept.com), is a full-service registered real estate advisor with a 32-year history in developing, redeveloping and acquiring various asset types, including office, industrial, hospitality, multi-family residential and retail. Kennedy Associates is a national leader in Responsible Property Investing with nearly $3 billion in LEED certified assets under management.
About Institutional Property Advisors
Since 1971, Marcus & Millichap Real Estate Investment Services has provided investment real estate broker services to markets nationwide. In 2010, Institutional Property Advisors was created to serve the needs of institutional and large private owners of investment property. The Balthrope Group specializes in the brokerage of large multi-family properties throughout Texas, with more than $3 billion in closings to date.
About Cambridge Development Group
Cambridge Development Group, based in Houston, is a diversified real estate company that has developed over 5,000 apartments and 2.5 million square feet of office throughout Texas and Florida. Its principals share a common belief that a thorough hands on approach to every detail is important in each development. Cambridge Development Group has a 24 year history of developing award winning multi-family projects and a 37 year history of real estate development. For more information, visit www.cambridgehouston.com.
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, apartment 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.
