HOUSTON – Crimson Real Estate Fund and USAA Real Estate Co. have announced plans to develop a 266-unit apartment project in in the Westchase submarket of Houston, near Westheimer Road and the Sam Houston Parkway.
A Crimson affiliated company, Patrinely Group, headquartered in Houston, is developing the new complex on three acres of land next to the 2500 City West Blvd. office building. Crimson Real Estate Fund and USAA Real Estate Co. acquired the 2500 City West Blvd. office building and adjacent development site in November 2011.
“We have 3,000 units of rental apartment projects currently under construction in Seattle, Los Angeles, Denver, and New York and are pleased to have broken ground here on our next multifamily project, partnering once again with our friends at USAA Realco. We feel that CityWest is very well located to address the current demand for multifamily in this popular submarket,” said Dean Patrinely, managing principal of Crimson Real Estate Advisors and Patrinely Group, LLC.
Patrinely is also developing the 500,000-square-foot corporate headquarters of Southwestern Energy in the Springwoods Village development north of Houston. Southwestern’s building is within walking distance of the new Exxon Mobil campus.
The Class A four-story project, called The Residences at CityWest, will offer floor plans from one to three bedrooms ranging from 600 square feet to 1900 square feet and will be built around a center parking structure and courtyard. The apartments will have prominent frontage along Westheimer Road, a major east/west corridor that will provide the project with excellent drive-by visibility and access to the Sam Houston Parkway.
The project team includes Looney Ricks Kiss Architecture of Memphis and Jordan Foster Construction. The project is scheduled for completion in July 2016.
San Antonio-based USAA Real Estate Company has $12 billion in assets under management. Crimson Real Estate Fund, a real estate opportunity fund, is managed by Crimson Real Estate Advisors, L.P., based in Houston. USAA Real Estate Company is the largest single investor in CREF and also co-invests alongside CREF, which serves as the sponsor/operating partner. CREF acquires and repositions real estate opportunities in key growth markets across the United States.
Since 1983, Patrinely has developed $5 billion in office, mixed-use and multifamily projects.