DALLAS--(BUSINESS WIRE)--Abode Properties and Transcontinental Realty Investors, Inc. (TCI) are pleased to announce HUD approval of the TPA Transfer for Grand Fountain Apartments in Richmond, Texas.
The approval allows the much anticipated purchase of this Class-A asset. Grand Fountain Apartments is a new resort style apartment community located off Grand Parkway and the Westpark Tollway in the exclusive Cinco Ranch area of Houston. The property features one, two, and three bedroom luxury apartment homes that boast high-end amenities. Each unit was meticulously designed to highlight luxury craftsmanship from wood flooring, granite countertops, stainless steel appliances and beautiful cabinetry to the spacious living areas with unbeatable views. Located minutes from Houston’s Energy Corridor and City Centre, this community is near shopping, golf courses, dining, entertainment, and is located within the highly acclaimed Katy Independent School District. Grand Fountain Apartments is a solid example of the high end assets in Abode and TCI’s portfolios.
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.
Transcontinental Realty Investors, Inc. maintains a strong emphasis on creating enhanced shareholder value through acquisition, financing, operations, developing, and disposition of real estate across many geographic regions 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 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.