USAA seeds $50m Crimson fund

USAA Real Estate has teamed up with Crimson Real Estate Advisors to launch the Crimson Real Estate Fund, targeting opportunities in key growth markets across the US.

USAA Real Estate Company has launched a $50 million real estate opportunity fund in partnership with Crimson Real Estate Advisors.

The fund, Crimson Real Estate Fund, has already raised $25 million, according to US Securities and Exchange Commission filings, attracting 13 investors.

In a separate statement announcing the partnership with Crimson, USAA said it was the major limited partner of the fund, which will acquire, develop and reposition real estate opportunities in the US. The vehicle will target office, resort hospitality, residential and mixed-use properties. A USAA spokesperson was not immediately available for further comment.

The fund will have the potential to invest through a variety of transaction structures, including direct acquisitions, preferred equity investments in existing ventures and joint ventures.

Leading the fund will be Crimson co-managing principals Dean Patrinely and Leonard O’Donnell.

USAA Real Estate chairman Pat Duncan noted that his firm had enjoyed an “ongoing relationship with Crimson for more than 20 years.”