HOUSTON--(BUSINESS WIRE)--Third Avenue Development Corp., the real estate division of Taylor Consulting Inc. (OTCBB:TAYO), took a big step closer to adding another large tract to its growing portfolio of West Texas properties this week. The company announced today that it has completed its due diligence toward the acquisition of 10 acres near Abilene, one of the largest economic centers of the booming region still humming with new oil and gas drilling and development.
The property is located in Tye, Texas, a small town in Taylor County that is a part of the greater Abilene metro. TAYO has targeted a number of properties in the area as the ongoing Cline shale boom transforms the region with a surge in capital and population.
TAYO is not alone in its interest in the region. In the town of Merkel, which neighbors Tye, the city council recently approved a zoning change clearing the way for a Walmart Express store. With the West Texas oil boom showing few signs of slowing down, the retail giant is seizing the perfect time to invest in the region. Walmart will open seven new stores around the area within the next two years.
“As the Abilene metro continues to grow rapidly, the property we are working to acquire could be used for a big-box retailer, dining and entertainment, much-needed housing or any number of purposes that the market demands,” said TAYO CEO Scott Wheeler.
TAYO is conducting due diligence toward a number of real estate acquisitions across the state, where population growth has averaged 1.7 percent annually over the past three years—more than double the national average. The company has also targeted the acquisition of large, bulk-lot properties and even a local real estate brokerage as it moves aggressively to gain market share in the booming West Texas region.
TAYO recently 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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