Transcontinental Realty Investors, Inc. & Southern Properties Capital Announce Progress on Farmers Branch Development, Mercer...
September 11 2018 - 12:18PM
Business Wire
Southern Properties Capital, a subsidiary of Transcontinental
Realty Investors Inc., (NYSE: TCI) a Dallas based real estate
investment company, is pleased to announce that the Mercer Crossing
development continues to expand. TCI and its subsidiaries hold an
investment directly associated with the sale and development of
Mercer Crossing.
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the full release here:
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Mercer Crossing development in Dallas,
Texas (Graphic: Business Wire)
To date there have been closings on 147 lots, which represents
100% of developed lots in 2017. Mercer’s first residents are
already enjoying their new master-planned homes. Beazer Homes’ 81
unit 55+ Active Adult condos, Gatherings at Mercer Crossing, will
be complete by the end of the year. In addition, a 280 unit
apartment project started construction with leasing to commence in
2019. There are a total of 800 mulit-family units currently under
construction with 900 units to follow. There are 68 single family
homes currently under construction.
“In 2018 we saw contracts for the sale of 1,560 lots, further
exemplifying Dallas’ robust market and resulting in several
millions of dollars in overall sales,” commented Daniel J. Moos,
CEO and President.
Constructed by six builders—M/I Homes, First Texas Homes, Beazer
Homes, Megatel Homes, Oakdale Homes and Siena Homes—the Mercer
Crossing mixed-use project broke ground last year. Centurion
American, in partnership with the City of Farmers Branch, is
spearheading the development. Mercer Crossing will feature 93 acres
of urban commerce and 174 acres of residential single-family
homes.
Located near the junction between interstates 635 and 35E, the
development will feature retail, restaurant, hotel, corporate
office space and multifamily residential. The Omni Hotel is
adjacent to Lakeside Lofts, with nearby Holiday Inn Express and
Candlewood Suites opening soon. In addition, a Hampton Inn is
currently under construction and future development will include a
La Quinta Inn & Suites and Hyatt hotel.
Southern Properties Capital recently broke ground on Lakeside
Lofts a picturesquely situated, lakefront property. Consisting of
498 units, the Class A property offers resort style pools, upscale
clubhouse and fitness center, theater, two 6 level parking garages,
bocce ball court, fire pit, hiking & biking trail, and easy
access to several of Dallas’s major freeways and toll roads.
Residents will find ten 1 & 2 bedroom floorplans to choose
from, featuring shaker style cabinets, 2 inch faux wood blinds,
granite counter tops, in unit washer and dryer, and stainless steel
appliances. Units also offer vinyl plank wood flooring in all
kitchen, bath and laundry areas, and vinyl plank wood flooring
throughout in all first floor units.
Transcontinental Realty Investors Inc. is building The Dominion
at Mercer Crossing apartments with spacious studios and 1, 2, and 3
bedroom units. Each apartment boasts a gourmet kitchen with granite
countertops, energy star appliances, designer lighting and plumbing
fixtures, wood plank flooring and an in-home washer and dryer.
Select apartment homes offer residents a private yard. The
property’s note-worthy amenities include a resort style pool with
tanning ledges and cozy cabanas, fully equipped fitness center,
parking garage, elevators, and walking trail.
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.
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.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180911005625/en/
On behalf of Transcontinental Realty Investors Inc.Chris
Childress, 469-522-4275press@pillarincome.com
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