posted on July 17, 2011 14:13
USAA Real Estate Co. has sold 5th Street Crossing, a mixed-use, transit-oriented apartment and retail development in Garland’s Old Town Station, to Oaks Properties LLC for an undisclosed sum.
5th Street Crossing consists of 188 Class A multi-family units and 12,000 square feet of retail/office space on three acres of land in Garland, a suburb of Dallas. Old Town Station is located along a Dallas Area Rapid Transit (DART) route. DART is the name of Dallas’ light-rail system.
Construction on the property was completed in 2009 through a development partnership between USAA Real Estate and High Street Residential, a subsidiary of Trammell Crow Co. Oaks Properties is a Minneapolis-based real estate company.
Mark Stymiest with CB Richard Ellis Group Inc. represented the seller in the transaction.
USAA Real Estate provides co-investment, acquisition, build-to-suit and development capital for corporate and institutional investors. The company is a subsidiary of San Antonio-based financial services company USAA.
6/21/11, San Antonio Business Journal