HOUSTON--(BUSINESS WIRE)--Third Avenue Development, the real estate division of Taylor Consulting, Inc. (OTCBB: TAYO), announced today that it signed a letter of intent to partner with licensed West Texas real estate broker White Buffalo Property Solutions, LLC.
TAYO will begin due diligence toward a definitive agreement immediately. The letter of intent gives the company an exclusive option period of 90 days to reach a deal.
Based in Abilene, Texas, White Buffalo is an ideal target for TAYO as the company seeks to increase its footprint in the booming West Texas real estate market. Energy exploration and recovery in the Permian Basin’s Cline Shale formation has led to an explosive influx of workers, residents and commerce to the region.
“Forming a joint venture with White Buffalo would give Third Avenue Development an important foothold in one of West Texas’ most important metros,” said TAYO CEO Scott Wheeler. “An exclusive relationship with a licensed brokerage would allow us to streamline our property acquisitions in the region and provide us with crucial contacts in the local marketplace.”
The Permian Basin, anchored by Midland and Odessa, has several shale plays that will likely produce more than 1.3 million barrels of oil per day by 2017, according to many oil industry experts. As a result, Texas’ population growth has averaged 1.7 percent annually over the past three years, more than double the national average.
In addition to its traditional sports consulting business, TAYO recently created a new division—Third Avenue Development, LLC—to invest in promising real estate assets to compete alongside American Homes 4 Rent (NYSE: AMH), Silver Bay Realty Trust Corp. (NYSE: SBY), Equity Residential (NYSE: EQR), Essex Property Trust Inc. (NYSE: ESS) and more.
For more information on Third Avenue Development, please visit www.ThirdAvenueDevelopment.com.
About Third Avenue Development, LLC
A division of Taylor Consulting, Inc. (TAYO), Third Avenue Development, LLC, is building an emerging portfolio of real estate assets for rehabilitation and rent or resale. The company is focused on acquiring properties in the country’s top-performing housing markets in order to capitalize on the continued recovery and growth of the U.S. real estate marketplace.
Notice Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words “believes,” “expects,” “anticipate” or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone’s past success, either financial or strategic, is no guarantee of success. This news release speaks as of the date first set forth above and the Company assumes no responsibility to update the information included herein for events occurring after the date hereof.