TCI Subsidiary, Southern Properties Capital, Reports Significant Progress on its Windmill Farms Development
October 05 2017 - 8:00AM
Business Wire
Southern Properties Capital (SPC), a subsidiary of
Transcontinental Realty Investors Inc., (NYSE: TCI) a
Dallas-based real estate investment company, announced today
several recent successes at its Windmill Farms property.
This press release features multimedia. View
the full release here:
http://www.businesswire.com/news/home/20171005005210/en/
The entrance to Southern Properties
Capital’s owned and developed Windmill Farms in Forney, Texas
(Photo: Business Wire)
Windmill Farms is a gorgeous master-planned community east of
Dallas, in Forney, Texas. Located just past I-635, off Hwy 80, this
family-friendly setting is conveniently located near all the fine
dining, shopping, and entertainment that the heart of Dallas has to
offer. This neighborhood also rewards homeowners with endless
amenities including expansive swimming pools, playgrounds, ponds,
picnic areas, and highly acclaimed schools. Windmill Farms combines
the excitement of Dallas and the small-town relaxed feel of
Forney.
Southern Properties recently sold its newest completed 148 lot
subdivision to LGI Homes and Oakdale Homes. Utility installation is
also underway for another 175 lot subdivision sold to LGI Homes,
Oakdale Homes, and Megatel Homes, all based in Texas. To
accommodate this new development, SPC has completed an expansion of
the community’s sanitary plant that exceeds all proposed new
environmental standards. Design plans for an additional community
center with a swimming pool and public meeting space are almost
completed. This will be the third such facility at Windmill
Farms.
“Windmill Farms is a perfect example of our organization’s
strategic vision, coupled with our development capabilities,”
commented Daniel J. Moos, Southern Properties’ President and CEO.
“There are currently over 2,000 existing homes at Windmill Farms,
and we’ve started grading an additional subdivision with 250
lots.”
Moos continued, “Future plans call for an additional 5,000 homes
along with retail, additional schools, townhomes, and apartments;
further showcasing our ability to maximize the potential of our
existing assets, while continuing to expand our current
footprint.”
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.
Transcontinental Realty Investors
(www.transconrealty-invest.com) maintains a strong emphasis on
creating greater shareholder value through acquisition, financing,
operation, developing, 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 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.
Southern Properties Capital LTD, a British Virgin Islands
corporation (“Southern”) is an indirect subsidiary
of Transcontinental Realty Investors Inc., (NYSE: TCI), a
Dallas-based real estate investment company. 85% of the company’s
properties are located in Texas; where management has intimate
familiarity with sub-markets and unique access to off-market deals.
Southern is committed to developing and managing multifamily assets
in areas with sustainable and viable economic growth; with a focus
on Class A HUD eligible assets that further achieve the company’s
growth strategy; which includes offering and sale of nonconvertible
Series A Bonds with the Tel Aviv Stock Exchange LTD (the “TASE”).
On February 14, 2017, Southern commenced the institutional tender
of the Debentures and has accepted application for 276 million
Israeli, new Shekels (approximately $73,651,065 USD, based on the
exchange rate of 3.7474 Shekels to the U.S. Dollar effective
February 14, 2017) in both institutional and public tenders, at an
annual interest rate averaging approximately 7.38% (seven year
term). Southern Properties has the intentions of continuing to do
future offerings, using these funds for growing the portfolio.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171005005210/en/
Pillar Income Asset ManagementChris Childress,
469-522-4275press@pillarincome.com
Transcontinental Realty ... (NYSE:TCI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Transcontinental Realty ... (NYSE:TCI)
Historical Stock Chart
From Apr 2023 to Apr 2024