Transcontinental Realty Investors, Inc. and Southern Properties Lease-Up Chelsea Apartments in Beaumont, Texas
January 30 2020 - 12:01PM
Business Wire
Southern Properties Capital (SPC) a subsidiary of
Transcontinental Realty Investors Inc., (NYSE: TCI) a Dallas based
real estate investment company, is pleased to announce the very
positive success in acquiring and enhancing Chelsea Apartments. The
US Department of Housing and Urban Development granted Southern
Properties Capital the loan to acquire the multifamily asset in
August of 2018. Since then, Southern Properties Capital and the
Chelsea management staff have been working diligently to enhance
its overall performance.
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the full release here:
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Resort style pool at Chelsea apartments
in Beaumont, Texas (Photo: Business Wire)
“We have owned and operated properties in this particular area
of Texas and along the Gulf coast for over a decade,” stated CEO
and President Daniel J. Moos. “This particular asset was a diamond
in the rough when we acquired it. The transaction is aligned with
our business model of either building or acquiring Class A
properties that can be enhanced in value. Chelsea Apartments has
proven very successful and now exceeds 95% leased. Our team has
done an excellent job with this property.”
Chelsea Apartments are located in Beaumont, Texas. 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.
About Transcontinental Realty Investors, Inc.
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.
About Southern Properties Capital
Southern Properties Capital (SPC) operates in Southeast and
Southwest USA. The Company’s core assets are tied to owning and
operating Class A multi-family apartments and two very prominent
and viable Multi Use development properties in Greater Dallas. The
Company’s business strategy is to continue to expand its Class A
multifamily portfolio through new development and financially
attractive acquisitions. To this end, SPC is joint owner of Abode
Properties with its parent Company TCI and Macquarie.
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version on businesswire.com: https://www.businesswire.com/news/home/20200130005669/en/
Chris Childress, Pillar Income Asset Management 469.522.4275 /
press@pillarincome.com
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