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Admiral Capital Real Estate Fund Makes First Multifamily Investment in Joint Venture with Wood Partners



 Admiral Capital Real Estate Fund Makes First Multifamily Investment in Joint
                          Venture with Wood Partners

PR Newswire

SAN ANTONIO, Nov. 7, 2012

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.

(Photo: http://photos.prnewswire.com/prnh/20121107/DA07909)

(Logo: http://photos.prnewswire.com/prnh/20120731/DA49360LOGO)

"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

Contact: Dan Bassichis of Admiral Capital, +1-646-405-4808,
dbassichis@admiralcg.com; or Genevieve Anton of Wood Partners,
+1-714-544-6503, ganton@antonpr.com; or Sharon Ballenger of USAA Real Estate
Company, +1-210-641-8410, sharon.ballenger@usrealco.com
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