Transcontinental Realty Investors, Inc. and Southern Properties Capital Announce Progress on Top Master Planned Developments - Mercer Crossing and Windmill Farms
DALLAS--(BUSINESS WIRE)--May 22, 2019--
Southern Properties Capital, a subsidiary of Transcontinental Realty Investors, Inc. (NYSE: TCI), a Dallas-based real estate investment company, is pleased to announce the significant success tied to Mercer Crossing and Windmill Farms development projects.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190522005173/en/
Mercer Crossing, a master-planned development in Dallas, Texas (Photo: Business Wire)
Mercer Crossing is at the heart of the Dallas-Ft Worth Metroplex, located near the junction between interstates 635, 35E, George Bush Tollway, and Sam Rayburn Tollway. Fifty companies currently call Mercer Crossing home and 1,000 residential lots are under completion; all under contract with national builders. The first phase of a 1,200 unit apartment complex is also nearing completion. This 370-acre mixed use development will be home to 174 acres of residential single-family homes and 93 acres of retail, shopping and office space. With bike trails and shaded structures throughout, as well as several parks and open spaces, Mercer Crossing will provide a warm and inviting atmosphere not typically seen in an urban setting. The community will be comprised of six distinct and separate residential neighborhoods whose Texas Tudor style architecture is inspired by 17th century England and meant to evoke feelings of the English countryside. Mercer Crossing will also boast a state-of-the-art amenity center and is close to numerous business districts.
Windmill Farms is a gorgeous master-planned community east of Dallas, in Forney, Texas. Located just past I-635, off Hwy 80, this family-friendly setting is conveniently located near all the fine dining, shopping, and entertainment that the heart of Dallas has to offer. This neighborhood also rewards homeowners with endless amenities including expansive swimming pools, playgrounds, ponds, picnic areas, and highly acclaimed schools. Windmill Farms combines the excitement of Dallas and the small-town, relaxed feel of Forney.
The next Windmill Farms subdivision is currently being completed by two national home builders purchasing all 250 lots. The next three subdivisions will be completed this summer with national home builders purchasing all 591 lots. Final designs are being reviewed for a significant new amenity center for the new subdivisions. Planning is also underway for two retail projects, and an apartment complex is also planned in the area.
“Windmill Farms remains the top new home community in the top Metroplex relocation areas, and Mercer Crossing is the newest dynamic development in the area,” commented Daniel J. Moos, TCI & Southern Properties’ CEO. “These developments are a perfect example of our organization’s strategic vision, coupled with our development capabilities.”
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 Southern Properties Capital
Southern Properties Capital (SPC) operates in Southeast and Southwest USA. The Company’s core assets are tied to owning and operating Class A multi-family apartments and two very prominent and viable Multi Use development properties in Greater Dallas. The Company’s business strategy is to continue to expand its Class A multifamily portfolio through new development and financially attractive acquisitions. To this end, SPC is joint owner of Abode Properties with its parent Company TCI and Macquarie.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190522005173/en/
CONTACT: Chris Childress
On behalf ofTranscontinental Realty Investors, Inc.
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: REIT CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Transcontinental Realty Investors, Inc.
Copyright Business Wire 2019.
PUB: 05/22/2019 08:00 AM/DISC: 05/22/2019 08:01 AM