USAA Real Estate Co. and Cambridge Development Breaking Ground on New Multi-Family Development
In a joint venture agreement, Cambridge Development and USAA Real Estate Co. broke ground on a 331-unit urban-style apartment project at 1100 South Blvd in Charlotte, NC. Other team members collaborating on the project include Dallas-based architect, Humphrey and Partners and general contractor, Capstone Building Company of Birmingham. SunTrust is providing construction financing on the project. The first units are expected to be delivered beginning November of 2014.
1100 South will feature studio units in addition to one and two bedroom apartments ranging from 577 SF to 1,262 SF. The units, with 9-foot ceiling heights, will have high-end finishes, including granite counter tops in the kitchen and baths, oversized Roman garden tubs and showers, Energy Star stainless steel appliances, washer/dryers, and controlled building and garage access. Patios and Juliette balconies will be featured in select units.
1100 South Boulevard will be the new standard in upscale living in Charlotte, and offers tenants a host of community amenities, including four courtyards, a rooftop terrace with unobstructed views of downtown, a large clubhouse, state-of-the-art fitness room, spinning cycle room, a cyber lounge with sidewalk cafe seating, a pool and Jacuzzi. Other convenient amenities include an electric-vehicle charging station, secured bike storage, and complimentary cruiser bikes.
“We feel that 1100 South Boulevard offers us an exciting opportunity to address the current demand for multi-family housing in this extremely popular sector of Charlotte,” states Len O’Donnell, President and CEO of USAA Real Estate Company. “It’s a pleasure joining forces with Cambridge Development Group again on this exemplary project, as we continue working to create value for our investors.”
Located at the heart of Charlotte’s historic and revitalized South End District, 1100 South Boulevard will enjoy ease of access via the LYNX Blue Line South Corridor light rail or by foot to uptown Charlotte and 21.5 million square feet of offices. Other major attractions include the Bank of America Stadium, Time Warner Cable Arena, the NASCAR Hall of Fame, and the Charlotte Convention Center. The property is also located in close proximity to the newly-completed EpiCenter, a 500,000 square foot retail and hotel complex, as well as the popular, upscale shopping found in the desirable Dilworth neighborhood.
This marks the second development project for USAA Real Estate Co. in Charlotte. The first is the 171,460 square foot FBI Charlotte Headquarters, which was developed with Highwoods Development in 2011. 1100 South represents USAA’s fourth multi-family development transaction with Cambridge Development Group.
About Cambridge Development Group
Cambridge Development Group, based in Houston, is a diversified real estate company that has developed more than 10,000 apartments and more than five million square feet of office throughout Texas and Florida. Organized in 1976, its principals share a common belief that a thorough hands-on approach to every detail is vital in every development. For more information call 713-961-1336 or visit www.cambridgehouston.com.
About USAA Real Estate Company
USAA Real Estate Company, with approximately $12 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, multi-family, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.