DALLAS--(BUSINESS WIRE)--Transcontinental Realty Investors, Inc. (NYSE: TCI) and Abode Properties announced today the acquisition of the Villas at Bon Secour multifamily property in the coastal city of Gulf Shores, Alabama. The federally insured property was secured through Freddie Mac Multifamily, one of the nation’s leading multifamily housing lenders. The class A asset will become part of the Southern Properties Capital portfolio.
The Villas at Bon Secour is a 200-unit Class A garden-style community comprised of 11 2-story buildings, with 4 different floor plan options. One and two bedroom units, range from 648 to 990 square feet.
“We are thrilled to acquire this income producing asset in our first ever transaction with Freddie Mac. We look forward to a long lasting relationship with such a respected lender,” commented President and CEO Daniel J. Moos. “Villas at Bon Secour is in Baldwin County, one of the fastest growing counties in Alabama; reportedly with the 2nd lowest unemployment rate. The asset is yet another example of TCI’s continuous expansion into exceptionally strong markets.”
Interior amenities include pool and courtyard views, 9 foot ceilings, gourmet style kitchens with double stainless steel sinks, wood-look vinyl flooring, and breakfast nooks in select units. The community offers gated/controlled access, business center, dog-park, clothes care center, fitness center and a resort style pool and pergola.
The property is 4.5 miles from the beach and minutes from Pelican Place retail center offering retail shopping, dining and movies. The University of South Alabama’s Gulf Coast Campus is located within one mile of Villas at Bon Secour, making it a great location for students and university employees.
Transcontinental Realty Investors maintains a strong emphasis on creating greater shareholder value through acquisition, financing, operation, development, 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 ownership and professional management of income producing apartments and office buildings 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 has dramatically expanded its development capabilities associated with luxury apartment homes through its wholly owned subsidiary Abode Properties, principally on land it owns or acquires.
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.
Southern Properties Capital operates primarily in Texas and specializes in Class A multifamily assets in emerging markets throughout the Southern United States, corresponding with both sustainable and viable economic growth activity. The issuing entity is backed by over 3,000 multi-family units (out of a total of approximately 8,000 owned and operated by TCI), as well as over 1.5 million square feet office buildings in Texas. The company has already used funds to acquire additional multi-family assets within its strategic footprint, and expects significant expansion by continuing to utilize the Israeli bond platform.