Transcontinental Realty Investors, Inc. and Southern Properties Capital Announce Progress on Farmers Branch Development, Mercer Crossing
DALLAS--(BUSINESS WIRE)--Sep 11, 2018--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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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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180911005625/en/
CONTACT: On behalf of Transcontinental Realty Investors Inc.
Chris Childress, 469-522-4275
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: PROFESSIONAL SERVICES REIT FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Transcontinental Realty Investors Inc.
Copyright Business Wire 2018.
PUB: 09/11/2018 12:18 PM/DISC: 09/11/2018 12:17 PM