DALLAS--(BUSINESS WIRE)--Please replace the release with the following corrected version due to multiple revisions.
The corrected release reads:
ABODE PROPERTIES ANNOUNCES CONSTRUCTION PROGRESS ON TERRA LAGO DEVELOPMENT
Abode Properties a subsidiary of Transcontinental Realty Investors Inc., (NYSE: TCI) a Dallas-based real estate investment company, is pleased to announce an update on the construction progress tied to its Terra Lago property.
Terra Lago is a 451 unit Class A Midrise Multi-Family community located along the east line of Scenic Drive in the far eastern portion of Rowlett, Texas. The property has water frontage along Lake Ray Hubbard.
Terra Lago is currently designed with three and four story mid-rise apartment buildings. The Lakeside location will offer one, two, and three bedroom apartments with high-quality amenities and stunning lake views. A structured parking garage with entry at each floor level, temperature controlled corridors and cyber lounges are the comforts and conveniences offered. Interior features will include granite countertops, ceiling fans, 2" faux wood blinds, pendant lighting, kitchen islands, oval garden tubs, walk-in closets, patios and balconies, walk-in pantries, and eat-in kitchen bars. Select units offer double vanities and bath linen closets. Exterior amenities will comprise of resort style pools, decked courtyards with water features, tanning ledges, BBQ grills, fitness centers, business center and a bocce ball court.
Significant progress has been reported, in the construction of the 451 unit property. Sunridge Management, Terra Lago’s management company, has begun marketing the property with lease up already underway. One of the very few woman-owned development industry businesses, Portfolio Development LLC, has managed the development project since its inception. Founder and President Kennis Ketchum has been an invaluable resource to the planning and execution of Terra Lago.
Rowlett is a beautiful city just 20 minutes from downtown Dallas yet surrounded by more than 30 miles of shoreline on Lake Ray Hubbard. Rowlett’s shores are being transformed into "The Wellness Preserve," featuring many exciting community amenities. Abode Properties happily committed to creating public access improvement to the lake at Terra Lago. The City eventually plans to further enhance this site by extending the park and walking trail.
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 (www.transconrealty-invest.com) maintains a strong emphasis on creating greater shareholder value through acquisition, financing, operation, developing, and sale of real estate across every geographic region in the United States. A New York Stock Exchange company, Transcontinental is traded under the symbol "TCI". Transcontinental produces revenue through the 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.