NOVEMBER 5, 2012

USAA/Admiral value-added fund holds $112 million close

by Andrea Waitrovich

Admiral Capital Real Estate Fund, a value-added fund sponsored by a partnership between the Admiral Capital Group and USAA Real Estate Co., has held a final close with a total equity raise of $112.5 million.

The fund targets real estate assets including office, retail, multifamily, hotel and mixed-use properties that offer attractive returns to investors. It will seek opportunities in major markets domestically with a target transaction size of $25 million to $100 million. The fund owns three office buildings, two hotel properties and a performing mortgage on a non-gaming hotel in Las Vegas as of Oct. 1.

USAA Real Estate Co. is a subsidiary of USAA, a leading financial services company serving military families since 1922. Admiral Capital Group, with more than $100 million of assets under management, was founded by David Robinson, philanthropist and NBA Hall of Famer, and Daniel Bassichis, formerly of Goldman Sachs(see IREN, 10/8/12, 10/29/12).

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