Abode Properties Acquires The Waterford at Summer Park in Rosenberg Texas
July 06 2015 - 8:00AM
Business Wire
Abode Properties is pleased to announce its most recent
transaction, adding another Class A multifamily asset to its
steadily growing portfolio.
On June 26th, 2015, Abode Properties welcomed The Waterford at
Summer Park in Rosenberg, Texas, to its family of Class-A
multifamily residential properties. The property is situated within
easy walking distance of Brazos Town Center, where you will find
the city’s best amenities. This 196 unit apartment complex was
built in 2013. The Waterford at Summer Park is conveniently located
next to U.S. Highway 59 (I-69) and a short drive to Sugar Land’s
Town Square, Constellation Field and all Ft. Bend County’s
employment centers. The nearby Grand Parkway offers quick and easy
access to Katy, West Houston and the Energy Corridor.
“We are excited to add this new asset to our portfolio. The
Waterford at Summer Park is another example of our commitment to
maximize the underlying values in each of our asset classes. With
its great location, vast array of amenities and affordable pricing,
this property is one of the most compelling places to live in
Rosenberg,” commented Daniel J. Moos CEO and President of Abode
Properties.
Abode is immediately poised to address existing and future
demand for quality multifamily residential housing. Greater
shareholder value will continue to be created through the
investments in both acquisition and development of sustainable
Class A multifamily housing in focused secondary and tertiary
markets. These markets, generally, represent high-growth suburban
areas, where an increasing population and strong economic
conditions signal long-term and resilient demand. Accordingly,
Abode’s seasoned executive leadership and expertise will continue
to strategically manage cash flow, revenue, capital, and reserves,
while focusing on increasing the overall equity base, optimizing
leverage, and ensuring market diversification.
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 maintain
a portfolio of top-tier 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,
efficient on-site management, and an experienced leadership team
with forward thinking capabilities in order to realize maximum
cash flows and consistent returns. We will continue our market
diversification 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.
Affiliated companies include American Realty Investors, Inc. (NYSE:
ARL), Income Opportunity Realty Investors, Inc. (MKT:IOT), Regis
Property Management, LLC, and Pillar Income Asset Management,
Inc.
Transcontinental Realty Investors, Inc. maintains a strong emphasis on creating
greater shareholder value through acquisition, financing,
operation, developing, and sale of real estate across many
geographic regions in the United States. A New York Stock Exchange
company, Transcontinental is traded under the symbol "TCI".
Transcontinental produces revenue through its ownership and the
professional management of apartments, office buildings,
warehouses, and retail centers 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 also develops new properties,
such as luxury apartment homes principally, on land it owns or
acquires.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150706005198/en/
Media:Chris Childress,
469.522.4275press@pillarincome.com
Income Opportunity Realt... (AMEX:IOR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Income Opportunity Realt... (AMEX:IOR)
Historical Stock Chart
From Apr 2023 to Apr 2024