DALLAS--(BUSINESS WIRE)--Jul 31, 2018--Abode Properties a subsidiary of Transcontinental Realty Investors Inc., (NYSE: TCI) a Dallas-based real estate investment company, is pleased to announce leasing has begun at its Terra Lago asset. The class A asset will become part of the Southern Properties Capital portfolio.
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Terra Lago lakefront apartments in Rowlett, Texas (Photo: Business Wire)
“Leasing activity has formally commenced and tenants will start occupancy over the next several weeks,” said Daniel Moos, CEO and President. “Terra Lago is our largest complex built at one time in Texas. The asset is a great achievement for our ever expanding portfolio.”
Terra Lago is a 451 unit Midrise Multi-Family community located along the east line of Scenic Drive in the far eastern portion of Rowlett, Texas. The property has water frontage along Lake Ray Hubbard.
The Class A property is designed with three and four story mid-rise apartment buildings. The Lakeside location will offer one, two, and three bedroom apartments with high-quality amenities and stunning lake views. A structured parking garage with entry at each floor level, temperature controlled corridors and cyber lounges are the comforts and conveniences offered. Interior features will include granite countertops, ceiling fans, 2" faux wood blinds, pendant lighting, kitchen islands, oval garden tubs, walk-in closets, patios and balconies, walk-in pantries, and eat-in kitchen bars. Select units offer double vanities and bath linen closets. Exterior amenities will comprise of resort style pools, decked courtyards with water features, tanning ledges, BBQ grills, fitness centers, business center and a bocce ball court.
Rowlett is just 20 minutes from downtown Dallas north of IH-30, surrounded by more than 30 miles of shoreline on beautiful Lake Ray Hubbard, and home to over 62,000 residents. This Multifamily-friendly setting is conveniently located near all the fine dining, shopping, and entertainment that Rowlett has to offer.
Abode Properties is a subsidiary of Transcontinental Realty Investors Inc., (NYSE: TCI), a Dallas-based real estate investment company. Abode’s investment and strategic focus is to acquire, develop, and operate a portfolio of desirable multifamily residential properties, while capitalizing on our ability to obtain long term and static debt structures. The portfolio stands to benefit from historically established, proven, and successful operational practices, seasoned on-site management, and an experienced leadership team with forward thinking capabilities in order to realize maximum cash flows and consistent returns, while maintaining unequaled resident and customer service. We are disciplined and prudent allocators of capital and we will continue growing our geographically diverse portfolio from the Southwest to the Southeast. These markets are geographically located in areas of the country that correspond with both sustainable and viable economic growth activity. All of Abode Properties means one thing - “Home”.
Transcontinental Realty Investors maintains a strong emphasis on creating greater shareholder value through acquisition, financing, operation, development, and sale of real estate across every geographic region in the United States. A New York Stock Exchange company, Transcontinental is traded under the symbol “TCI”. Transcontinental produces revenue through the ownership and professional management of income producing apartments and office buildings that are “undervalued” or “underperforming” at the time of acquisition. Value is added under Transcontinental ownership, and the properties are repositioned into higher classifications through physical improvements and improved management. Transcontinental has dramatically expanded its development capabilities associated with luxury apartment homes through its wholly owned subsidiary Abode Properties, principally on land it owns or acquires.
Southern Properties Capital operates primarily in Texas and specializes in Class A multifamily assets in emerging markets throughout the Southern United States, corresponding with both sustainable and viable economic growth activity. The issuing entity is backed by over 3,000 multi-family units (out of a total of approximately 8,000 owned and operated by TCI), as well as over 1.5 million square feet of office buildings in Texas. The company has already used funds to acquire additional multi-family assets within its strategic footprint, and expects significant expansion by continuing to utilize the Israeli bond platform.
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CONTACT: for Transcontinental Realty Investors Inc.
Chris Childress, 469-522-4275
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: REIT CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Transcontinental Realty Investors Inc.
Copyright Business Wire 2018.
PUB: 07/31/2018 10:00 AM/DISC: 07/31/2018 10:01 AM