Transcontinental Realty Investors, LLC Expands US Assets
October 10 2017 - 8:00AM
Business Wire
Transcontinental Realty Investors (TCI), Southern Properties
Capital, and Abode Properties, a Texas real estate investment chain
of companies, recently closed on their newest Class A asset, The
Lofts at Reynolds Village (The Lofts).
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The Lofts at Reynolds Village – Abode
Properties’ Class A asset in Asheville, North Carolina. (Photo:
Business Wire)
The Lofts at Reynolds Village is a 201-unit facility in
Asheville, NC situated in the walkable community of Merrimon
Avenue. The property is conveniently close to commerce and retail
with easy access to I-26. With its modern design, convenient
location, and efficient and energy saving details, The Lofts offers
the ease of apartment living with all the amenities you would
expect in luxury condo ownership. Each unit comes with a washer and
dryer, granite countertops, upgraded kitchen cabinets, and
plantation shutters. The exterior amenities include a resort style
pool with sauna and Jacuzzi, lush landscaping, elevators, and a
recycling program.
Asheville, North Carolina is the largest city in Western North
Carolina with over 80,000 residents. The Asheville-Brevard
metropolitan area includes four counties with a combined population
of almost 400,000. Asheville has been listed as one of the "Top 25
Small Cities for Art" several times by American Style magazine and
Southern Living named it "One of 10 Tastiest Towns in the South" in
2013. The city is located in the beautiful Blue Ridge Mountains and
is known for its white water rafting. In 2016 Asheville ranked 40th
in Forbes Magazine’s “Best Places for Businesses and Careers.”
The combination of a strong job market, notable performing arts,
vibrant dining scene, and outdoor recreation fits TCI’s overall
approach to the types of geographic areas chosen to develop and
acquire new assets.
“We are always searching for exciting markets in which to
expand. All of the above mentioned strengths of the Asheville
market and the opportunity to acquire such a fantastic asset fall
perfectly in line with our strategy to add assets in select markets
with the strongest growth potential,” commented Executive Vice
President of Multi-Family Operations, Brad Kyles.
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.
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”).
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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Pillar Income Asset ManagementChris Childress,
469-522-4275press@pillarincome.com
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