CORRECTING and REPLACING Abode Properties Announces Construction Progress on Terra Lago Development
March 20 2018 - 12:23PM
Business Wire
Please replace the release with the following corrected version
due to multiple revisions.
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Rowlett, Texas lakeside property Terra
Lago nears completion. (Photo: Business Wire)
The corrected release reads:
ABODE PROPERTIES ANNOUNCES CONSTRUCTION
PROGRESS ON TERRA LAGO DEVELOPMENT
Abode Properties a subsidiary of Transcontinental Realty
Investors Inc., (NYSE: TCI) a Dallas-based real estate investment
company, is pleased to announce an update on the construction
progress tied to its Terra Lago property.
Terra Lago is a 451 unit Class A Midrise Multi-Family community
located along the east line of Scenic Drive in the far eastern
portion of Rowlett, Texas. The property has water frontage along
Lake Ray Hubbard.
Terra Lago is currently designed with three and four story
mid-rise apartment buildings. The Lakeside location will offer one,
two, and three bedroom apartments with high-quality amenities and
stunning lake views. A structured parking garage with entry at each
floor level, temperature controlled corridors and cyber lounges are
the comforts and conveniences offered. Interior features will
include granite countertops, ceiling fans, 2" faux wood blinds,
pendant lighting, kitchen islands, oval garden tubs, walk-in
closets, patios and balconies, walk-in pantries, and eat-in kitchen
bars. Select units offer double vanities and bath linen closets.
Exterior amenities will comprise of resort style pools, decked
courtyards with water features, tanning ledges, BBQ grills, fitness
centers, business center and a bocce ball court.
Significant progress has been reported, in the construction of
the 451 unit property. Sunridge Management, Terra Lago’s management
company, has begun marketing the property with lease up already
underway. One of the very few woman-owned development industry
businesses, Portfolio Development LLC, has managed the development
project since its inception. Founder and President Kennis Ketchum
has been an invaluable resource to the planning and execution of
Terra Lago.
Rowlett is a beautiful city just 20 minutes from downtown Dallas
yet surrounded by more than 30 miles of shoreline on Lake Ray
Hubbard. Rowlett’s shores are being transformed into "The Wellness
Preserve," featuring many exciting community amenities. Abode
Properties happily committed to creating public access improvement
to the lake at Terra Lago. The City eventually plans to further
enhance this site by extending the park and walking trail.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180320005382/en/
For Abode PropertiesChris Childress, 469-522-4275
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