Transcontinental Realty Investors, Inc. and Southern Properties Capital Acquire Chelsea Apartments in Beaumont, Texas
December 10 2018 - 8:00AM
Business Wire
Southern Properties Capital, a subsidiary of Transcontinental
Realty Investors Inc. (NYSE: TCI), a Dallas-based real estate
investment company, is pleased to announce its most recent
multi-family acquisition of Chelsea Apartments in Beaumont, Texas.
The US Housing of Urban Development granted approval for the
expansion of Southern Properties Capital’s multifamily portfolio in
August.
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the full release here:
https://www.businesswire.com/news/home/20181210005031/en/
Resort style pool at Chelsea Apartments
in Beaumont, Texas (Photo: Business Wire)
Chelsea Apartments are located in Beaumont, Texas. Built in
1999, the property offers 8 different one, two, and three bedroom
floor plans ranging from 618-1239 square feet. The 144 unit garden
style community is comprised of 10 two-story residential buildings
atop 6.81 acres of land. Chelsea Apartments offer a distinctive,
quiet living environment with quick and convenient access to
Interstate 10.
Beaumont-Port Arthur is home to impressive biodiversity and
historical significance as the town boasts the first
major oil discovery in Texas. Benefits from the constant expansion
of the energy industry and petrochemical industry construction is a
major economic driver for the area. Visitors enjoy outdoor
activities including fishing, hunting, birding, paddling,
as well as fine dining, several theaters and music venues. The city
is currently celebrating its 180th birthday.
“We are excited to add such a well-positioned and beautiful
asset to our portfolio,” stated CEO and President Daniel J. Moos.
“We have several similar opportunities for expansion on the
horizon.”
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 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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version on businesswire.com: https://www.businesswire.com/news/home/20181210005031/en/
Chris Childress, Pillar Income Asset Management469.522.4275 /
press@pillarincome.com
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