DALLAS--(BUSINESS WIRE)--Transcontinental Realty Investors Inc., (NYSE: TCI) and Abode Properties recently hosted a ribbon cutting at the grand opening of Terra Lago apartments in Rowlett, Texas. This Class A asset is a part of the Southern Properties Capital portfolio.
The Grand Opening celebration welcomed over 150 attendees including Mayor of Rowlett, Tammy Dana-Bashian, Councilmember Martha Brown, Councilmember Robert Blake Margolis, Chief of Police William Brodnax, Assistant Chief of Police Michael Godfrey, Rowlett Chamber of Commerce, 96.3 New Country radio station, Pillar Income Asset Management and Sunridge Management, along with Terra Lago community staff and current residents. Also in attendance was a representative from the office of Senator Bob Hall who presented the community with a certificate commentating the ribbon cutting.
The October 25th event was catered by The Hamburger Man and Trailercakes’ vintage airstream food truck, Bubbles. The first 50 attendees received exclusive swag bags and party giveaways included 1 year of free rent, Keith Urban tickets, a 55" TV, Nintendo Switch, and an Echo Dot Speaker with Alexa.
“We love hosting these events,” commented Brad Kyles, Pillar’s EVP of Multifamily Residential Operations. “We pride ourselves on being a hands-on developer and owner. It’s important to us to create strong relationships with property staff, tenants and the surrounding community.”
Terra Lago is a 451 unit Midrise Multi-Family community located along the east line of Scenic Drive in the far eastern portion of Rowlett, Texas. The property has water frontage along Lake Ray Hubbard.
The Class A property is designed with three and four story mid-rise apartment buildings. The Lakeside location will offer one, two, and three bedroom apartments with high-quality amenities and stunning lake views. A structured parking garage with entry at each floor level, temperature controlled corridors and cyber lounges are the comforts and conveniences offered. Interior features will include granite countertops, ceiling fans, 2" faux wood blinds, pendant lighting, kitchen islands, oval garden tubs, walk-in closets, patios and balconies, walk-in pantries, and eat-in kitchen bars. Select units offer double vanities and bath linen closets. Exterior amenities will comprise of resort style pools, decked courtyards with water features, tanning ledges, BBQ grills, fitness centers, business center and a bocce ball court.
Rowlett is just 20 minutes from downtown Dallas north of IH-30, surrounded by more than 30 miles of shoreline on beautiful Lake Ray Hubbard, and home to over 62,000 residents. This Multifamily-friendly setting is conveniently located near all the fine dining, shopping, and entertainment that Rowlett has to offer.
Transcontinental Realty Investors maintains a strong emphasis on creating greater shareholder value through acquisition, financing, operation, developing, 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 professional management of apartments, office buildings, warehouses, and retail centers 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 also develops new properties, such as luxury apartment homes 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 of 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.
