Sugar Mill II Apartments located in Addis, Louisiana (Photo: Business Wire)
DALLAS–(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.
“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.”
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.