SAN ANTONIO-The newly-inked $400 million joint venture with USAA Real Estate Company gives Gables Residential the funds it needs to advance its development pipeline, according to the Atlanta-based REIT’s President & CEO David Fitch.
“We have a partner in USAA that has similar investment goals and the financial strength and experience to allow us to continue our development program of delivering high quality communities in our core markets,” Fitch tells GlobeSt.com.
The JV will develop class A multifamily properties at select urban infill sites, as well as purchase an interest in several of Gables’ stabilized properties. The development and acquisitions amount to over $400 million of assets. Gables will provide development, construction and property management services to the venture.
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