Transcontinental Realty Investors Inc. and Marin Development Inc. Partner to Develop The Enclave at Deer Moss Creek in Niceville, Florida
DALLAS--(BUSINESS WIRE)--Dec 27, 2018--Transcontinental Realty Investors Inc., (NYSE: TCI) a Dallas-based real estate investment company, and local developer Marin Development Inc. are pleased to announce their latest project, The Enclave at Deer Moss Creek (The Enclave) in Niceville, Florida.
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Proposed rendering for The Enclave at Deer Moss Creek in Niceville, Florida (Photo: Business Wire)
“Marin Development Inc. is honored to be working with TCI to provide a luxury class A apartment community within one of the premier master planned communities in the Florida Panhandle with the master plan developed by Ruckel Properties Inc.,” commented Peter A. Bocchino, President of Marin Development Inc.
The Enclave will be a 305 unit Class A luxury apartment community located on 18.75 acres within the master planned community of Deer Moss Creek. The project is expected to break ground in August of 2019 and open to the public for leasing in January 2021. The property will offer one, two, and three bedroom units in thirteen 3 story walk-up and 2 story town-homes with garages. Units are proposed with bamboo floors, wood baseboards, crown molding, granite countertops, stainless clad appliances, European wood cabinets, and frameless shower and tub enclosures.
Property amenities will include a club house, full fitness facility, lighted basketball courts, sand volleyball courts, outdoor fireplace, gazebo, grilling stations and a lighted walking trail connecting to Niceville’s trail system. The community shares pool and spa amenities offered by the Master Planned Development of Deer Moss Creek.
“The Enclave is an outstanding example of our commitment to develop stylish, yet affordable apartments in economically sound cities,” added TCI’s CEO and President Daniel J. Moos.
In 1910, Niceville was given its name by the postmaster’s daughter. The “friendly city” is found in northwest Florida, in the western Florida panhandle, between Pensacola and Panama City. Located on the north shore of Choctawhatchee Bay, major roadways connect Niceville with nearby Destin, Crestview, Freeport, Valparaiso, Shalimar, Fort Walton Beach, Eglin Air Force Base and Duke Field. Everything that Destin has to offer – white sand beaches, stupendous shopping and remarkable dining – is only a 20-minute drive thanks to the Mid-Bay Bridge connecting Niceville and Destin.
About Transcontinental Realty Investors
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 Marin Development
Marin Development Inc., and its two main principals, Peter Bocchino and Michael Nelson, have a combined 40 years of experience developing mixed use and multi-family development properties. They primarily work as fee developers for Asset Management Companies and Institutional Investors.
As developers, they are responsible for site selection, market analysis, coordination of architects and engineers, project management and ownership transition. Their extensive network of lenders, due diligence companies and architectural and engineering firms provide the critical elements, when expertly combined, to produce successful profitable projects to their clients.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181227005063/en/
CONTACT: Chris Childress, Pillar Income Asset Management
KEYWORD: UNITED STATES NORTH AMERICA FLORIDA TEXAS
INDUSTRY KEYWORD: PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Transcontinental Realty Investors Inc.
Copyright Business Wire 2018.
PUB: 12/27/2018 08:00 AM/DISC: 12/27/2018 08:01 AM