Admiral Capital Real Estate Fund Makes First Multifamily Investment
in Joint Venture with Wood Partners
SAN ANTONIO, Nov. 7, 2012 /PRNewswire/ -- San
Antonio-based Admiral Capital Real Estate Fund and Wood Partners of
Atlanta have acquired 209
apartments within The Brookhaven, a Class A urban high-rise located
on the northern perimeter of Atlanta's prestigious Buckhead
neighborhood.
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"We are very excited to make our second Admiral investment in
Atlanta and our first in the
multifamily sector. We have been fortunate to build a diversified
portfolio of value-add properties and capitalize on opportunities
in the market to acquire high quality assets at a significant
discount to replacement cost," Admiral Capital Group founder
David Robinson said. "This is
consistent with our overall fund approach to identify assets that
need capital and repositioning and partner with best-in-class
operators like Wood Partners to execute that strategy."
The Brookhaven, built in 1985, is located at 3833 Peachtree Road,
less than two blocks from Buckhead's center, and three blocks from
a MARTA rapid transit station. Interiors were modernized in 2008 to
feature hardwood floors, custom cabinetry and enclosed
sunrooms.
The acquisition team of Wood Partners, a national real estate
company with deep expertise in multifamily acquisition,
development, construction and property management, plans to enhance
renovation of the 17-story building common areas with expanded
parking, a state-of-the-art fitness center and a resort-style
amenity deck with a water feature, outdoor bar and bocce ball
court. This will complement the existing amenities package that
includes a heated pool, men's and women's saunas and lighted tennis
court.
"The property was a broken condominium project and was available
at an attractive return when compared to comps in the submarket,"
said Jay Jacobson, director of
acquisitions for Wood Partners.
The Brookhaven represents the second investment in the dynamic
Atlanta market for the Admiral
Fund, which also purchased, in a joint venture with Atlanta-based SDM Partners, a 160,000-
square-foot Class A office property in the Central Perimeter
submarket in September 2012. In
addition, the Admiral Capital Real Estate Fund, a value-added real
estate private equity fund with more than $150 million in assets under management, owns
three additional office buildings, two hotel properties and a
performing mortgage on a non-gaming hotel in Las Vegas. The Admiral Fund continues to
pursue value-add opportunities across the U.S.
Admiral Capital Real Estate Fund is a joint venture with USAA
Real Estate Company and Admiral Capital Corp ("ACG"). ACG was
founded by NBA Hall of Famer, philanthropist and U.S. Naval Academy graduate David Robinson and managing partner Dan Bassichis. USAA Real Estate Company is a
subsidiary of USAA, a leading financial service company serving
military families since 1922.
The broker on the acquisition was Jones
Lang LaSalle's Capital Markets, a full-service global
provider of capital solutions for real estate investors and
occupiers, led by Managing Directors David
Gutting and Derrick
Bloom.
About Admiral Capital Group
Admiral Capital Group was founded by David Robinson, philanthropist and NBA Hall of
Famer, and Daniel Bassichis,
formerly of Goldman Sachs. Admiral, in partnership with USAA Real
Estate Company, formed the Admiral Capital Real Estate Fund to
identify value-add opportunities through equity and debt
investments in office, hotel, multi-family and retail properties
valued between $15 million and $50
million. The admiral founders have also pledged 10% of their
profits to philanthropic causes in areas where the fund invests,
building on Robinson's lifetime commitment to support education and
lower income communities. For more information, visit
www.admiralcg.com.
About Wood Partners
Wood Partners is a national real estate company that
acquires, develops, constructs and property manages high density
and mixed-use communities. In 2011, it was ranked the nation's No.
1 multifamily developer with 3,750 unit starts. Through quality
construction, responsible land development and intelligent design,
our communities reflect the aesthetic and social fabric of the
community and provide a luxurious living experience at a fair
price. The company has been involved in the development of more
than 40,000 homes with a combined value of more than $5.5 billion nationwide. Wood Partners has
offices in 15 major markets nationwide including Atlanta, Baltimore, Boston, Charlotte, Dallas, Delray
Beach, Denver, Houston, Newport
Beach, Orlando,
Phoenix, Raleigh-Durham,
San Francisco, Seattle and Washington, D.C. To learn more about Wood
Partners, please visit www.woodpartners.com.
About Jones Lang
LaSalle
Jones Lang LaSalle (NYSE: JLL)
is a financial and professional services firm specializing in real
estate. The firm offers integrated services delivered by expert
teams worldwide to clients seeking increased value by owning,
occupying or investing in real estate. With 2011 global revenue of
$3.6 billion, Jones Lang LaSalle serves clients in 70
countries from more than 1,000 locations worldwide, including 200
corporate offices. The firm is an industry leader in property
and corporate facility management services, with a portfolio of
approximately 2.1 billion square feet worldwide. LaSalle Investment
Management, the company's investment management business, is one of
the world's largest and most diverse in real estate with
$47 billion of assets under
management. For further information, please visit
www.joneslanglasalle.com.
SOURCE Admiral Capital Real Estate Fund