Abode Properties Is Pleased to Announce the Acquisition of Sugar Mill II Apartments in Addis, Louisiana
May 10 2018 - 1:12PM
Business Wire
Abode Properties, a subsidiary of Dallas-based real estate
investment company Transcontinental Realty Investors Inc., (NYSE:
TCI), today announced the acquisition of Sugar Mill II apartments.
The class A asset will be added to the organization’s Southern
Properties Capital portfolio.
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Sugar Mill II Apartments located in
Addis, Louisiana (Photo: Business Wire)
Sugar Mill II in Addis, Louisiana is minutes from downtown Baton
Rouge and provides easy access to I-10. The upscale, gated,
residential community includes 80 one and two bedroom units each
containing full kitchen and full size washer and dryer. The
facilities include a club room with full kitchen and covered patio,
business center, fitness center, and a resort style pool. The
property began lease-up in May 2016 and was stabilized by September
that same year.
“Sugar Mill II is an outstanding addition to our Southern
Properties Capital portfolio,” commented Bradley Kyles, Abode’s EVP
of Multi-Family Residential Operations. “With a strong school
system, growing population, and close proximity to the state
capital, Addis, Louisiana exemplifies the growing towns in which we
aim to acquire and develop new assets.”
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 space 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.
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.
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.
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For Abode PropertiesChris Childress, 469-522-4275
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