Transcontinental Realty Investors, Inc. Acquires Villas at Bon Secour in Gulf Shores, Alabama in its first Freddie Mac Transa...
July 23 2018 - 10:00AM
Business Wire
Transcontinental Realty Investors, Inc. (NYSE: TCI) and
Abode Properties announced today the acquisition of the Villas at
Bon Secour multifamily property in the coastal city of Gulf Shores,
Alabama. The federally insured property was secured through Freddie
Mac Multifamily, one of the nation’s leading multifamily housing
lenders. The class A asset will become part of the Southern
Properties Capital portfolio.
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Transcontinental Realty Investors’ asset
Villas at Bon Secour in Gulf Shores, Alabama (Photo: Business
Wire)
The Villas at Bon Secour is a 200-unit Class A garden-style
community comprised of 11 2-story buildings, with 4 different floor
plan options. One and two bedroom units, range from 648 to 990
square feet.
“We are thrilled to acquire this income producing asset in our
first ever transaction with Freddie Mac. We look forward to a long
lasting relationship with such a respected lender,” commented
President and CEO Daniel J. Moos. “Villas at Bon Secour is in
Baldwin County, one of the fastest growing counties in Alabama;
reportedly with the 2nd lowest unemployment rate. The asset is yet
another example of TCI’s continuous expansion into exceptionally
strong markets.”
Interior amenities include pool and courtyard views, 9 foot
ceilings, gourmet style kitchens with double stainless steel sinks,
wood-look vinyl flooring, and breakfast nooks in select units. The
community offers gated/controlled access, business center,
dog-park, clothes care center, fitness center and a resort style
pool and pergola.
The property is 4.5 miles from the beach and minutes from
Pelican Place retail center offering retail shopping, dining and
movies. The University of South Alabama’s Gulf Coast Campus is
located within one mile of Villas at Bon Secour, making it a great
location for students and university employees.
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.
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 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 office buildings 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180723005173/en/
On behalf of Transcontinental Realty Investors Inc.Chris
Childress, 469-522-4275press@pillarincome.com
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