DALLAS--(BUSINESS WIRE)--Abode Properties is pleased to announce it successfully assumed the HUD ensured loan associated with the Metropolitan apartments in Little Rock, Arkansas, and are now the owners and operators. Metropolitan is a luxury 260 unit mid-rise community featuring one, two, and three bedroom units. The community provides an upscale, urban living experience with alluring riverfront and downtown views.
“Abode Properties is excited to add the Metropolitan to its portfolio. It’s an absolutely breathtaking complex with outstanding amenities and easy access to all of the wonderful attractions in Little Rock and surrounding area,” commented Daniel J. Moos, Chairman and CEO of Abode Properties. “With views of the Arkansas River, proximity to the River Market District and easy commute to Bill and Hillary Clinton National Airport, the property is in the perfect location for its residents to take advantage of Little Rock’s active and vibrant community.”
Metropolitan offers an extensive menu of amenities which include two resort style pools, courtyards, a recreation and billiards room, 24 hour fitness center, internet coffee café, as well as garage parking and onsite security. Each unit boasts granite countertops, alarm systems, walk-in closets, and full size washer and dryers.
Little Rock was ranked one of the Top 65 “Best Cities to Start a Career” in 2015. “Though this is an impressive ranking, we firmly believe Little Rock is one of the upper tier cities in the nation for starting one’s career,” added Mr. Moos. The area continues to experience strong job growth and was also named the “Most Livable City” in 2014.
Abode Properties represents a premium class of unparalleled multifamily residential properties. Abode’s investment and strategic focus is to acquire, develop, and maintain a portfolio of top tier Class-A quality multifamily residential properties in emerging markets that correspond with both sustainable and viable economic growth activity. Our ability to identify investment opportunities, establish proven and successful operational practices, implement efficient on-site management, and obtain optimal debt structures sets us apart to realize maximum cash flows and consistent risk-adjusted returns. Enhanced shareholder value will continue to be generated through investments in both acquisition and development of sustainable Class-A multifamily housing in focused secondary and tertiary markets. These markets, generally, represent high-growth suburban areas, where an increasing population and strong economic conditions signal long-term and resilient demand. An exceptional and forward thinking leadership team further complements our continued efforts to deliver a quality living experience for our residents, while diversifying our holdings through the Southwest and Southeast United States. Accordingly, Abode’s seasoned executive leadership team and expertise will continue to strategically manage cash flow, revenue, capital, and reserves, while focusing on increasing the overall equity base, optimizing leverage, and ensuring market diversification.
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.
