DALLAS--(BUSINESS WIRE)--Pillar Income Asset Management, a Dallas-based real estate advisory and management company, announced the acquisition of six multi-family properties in 2014, totaling over a thousand units.
According to Brad Kyles, Executive Vice President, Multi-Family Residential Operations, “We are confident that with our current repositioning and operations management, we will continue to improve the value and performance of our residential portfolio.”
The six newly acquired properties span from Texas to Colorado, Mississippi, and Tennessee, with two more in Texas and Alabama scheduled to close in early 2015.
According to Daniel J. Moos, Chief Executive Officer of Pillar Income Asset Management, “These newly acquired properties are another example of our commitment to fortifying Pillar’s portfolio. The assets we manage are performing well, and we look forward to a successful 2015.”
With over 40 years in the real estate industry, Gene Phillips, advisory source to Pillar Income Asset Management, Inc., notes that the changes in the current market are in keeping with his experience through previous recessions, “The U.S. residential real estate market grew steadily in 2014 and I foresee even more growth in commercial real estate in 2015.”
Pillar Income Asset Management, Inc. (www.pillarincome.com) is a Dallas-based real estate management company, which develops and manages in excess of $2.5 billion of real estate for public and private real estate entities. Affiliated companies under management or advisement by Pillar include American Realty Investors, Inc. (NYSE: ARL); Transcontinental Realty Investors, Inc. (NYSE: TCI); Income Opportunity Realty Investors, Inc. (NYSE MKT: IOT); and Regis Property Management, LLC (www.regisinc.com).