HOUSTON--(BUSINESS WIRE)--As the oil slump lingers, Taylor Consulting, Inc. (OTCQB: TAYO) will be well-positioned to add distressed properties to its West Texas real estate portfolio when struggling U.S. oil companies begin auctioning off assets.
According to new industry analysis by Fitch Ratings, some overextended oil companies, facing growing pressure from lenders to pay down their obligations, will soon be all but forced to sell oil-patch assets they had previously refused to liquidate. This represents a major acquisition opportunity for TAYO as the company works to buy up distressed properties in the Permian Basin region with a high likelihood of rising in value as oil prices recover.
“It’s a tougher environment now for some of the more aggressive firms operating in Texas, and we believe that’s going to shake loose some deals by prompting sellers to liquidate and strike bargains to stay afloat,” said TAYO CEO Scott Wheeler. “We will be in contact with potential sellers throughout West Texas through the end of the year and into the next, with a particular focus on increasing our holdings in the Midland-Odessa area.
“We strongly believe that properties there will once again sharply rise in value when oil prices go back up,” he added.
TAYO’s real estate division, Third Avenue Development, is a premier hybrid real estate investment and development company building an emerging portfolio of real estate assets for investment, rehabilitation and resale. The company is focused on acquiring properties in the country’s top-performing housing and real estate markets, and has bought and sold numerous properties at a profit in West Texas this year. For more information, visit www.ThirdAvenueDevelopment.com.
About Taylor Consulting Inc.
Taylor Consulting, Inc. (TAYO) created Third Avenue Development, LLC, as a new division whose primary goal is 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 others.
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.