USAA Buys New, 100% Leased, Apartment Property from Wood Partners
- Nov 19, 2010
Orlando, Fla.– USAA Real Estate Company announces the purchase of Patterson Court, a Class-A multifamily community located in Little Lake Bryan, a master development in Orlando, Fla. The property was purchased from Atlanta-based Wood Partners.
“We are pleased about the opportunity to acquire a recently-constructed Class-A property located in a highly desirable area and 100 percent leased to a large institutional tenant,” says USAA Real Estate Company Chairman and CEO Pat Duncan. “Patterson Court is a welcome addition to our portfolio of quality multifamily properties located in prime locations across the country.”
The 384-unit property, totaling 452,928 square feet and completed in 2008, is located at 8112 Patterson Wood Drive. The property is 100 percent master leased by a large institutional tenant. Garden-style amenities, including a pool with adjacent plaza, clubroom and state-of-the-art fitness and business centers, offer residents a resort environment, spanning 20 acres and located less than a mile from the Walt Disney World Resort and Sea World. Details of the transaction have not been disclosed.