| USAA and Gables Residential have a new JV, and three Bisnowmarkets are on its list of home runs. Gables Residential SVP of investments for the East, Joe Wilber (here in his Atlanta office), told us earlier this week that USAA wants to increase its multifamilyinterests in DC and is teaming up to build the 275-unit Gables Upper Rock at Shady Grove Road and 270. The just-finalized JV will put a total of $400M into six urban-infill, Class-A apartments. USAA has also bought into one Gables property and plans two more such transactions. The JV is also building the 333-unit Gables Fairmount in Dallas and the 306-unit Gables Bering in Houston (which will also have 11,200 SF of retail). Joe adds that all the JV’s projects are in high-barrier-to-entry submarkets with limited supply. The company varies its investment approach between partnerships and its own balance sheet, but 2011 looks like a JV kind of year, he says. |
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