HOUSTON--(BUSINESS WIRE)--Third Avenue Development, LLC, the real estate division of Taylor Consulting, Inc. (OTCBB: TAYO), continues its work building a highly competitive portfolio of assets. The company announced today that it will begin due diligence toward another major acquisition in West Texas.
Third Avenue Development has targeted a new multi-lot real estate parcel for potential purchase in the booming corridor between Abilene and Midland, Texas. A huge influx of workers and residents drawn by the booming oil and gas industry in West Texas has made the region one of the hottest real estate markets in the country. Last month in Midland, home values grew by more than 23 percent year-over-year, pushing the city’s median price to the No. 1 slot in Texas for the second time this year.
The multi-lot purchase that TAYO will consider meets the company’s criteria of covering numerous acres of usable land ripe for redevelopment to suit a variety of potential needs. TAYO CEO Scott Wheeler says that the company is targeting distressed assets that can potentially be acquired at a discount.
“Purchasing lots in bulk gives us more development options at a more affordable price,” Wheeler said. “We’re looking to build up a significant portfolio in this market very quickly.”
TAYO won its first bid to acquire 64 West Texas properties last month.
TAYO created 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) and 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.
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