Transcontinental Realty Investors, Inc. and Southern Properties Capital Acquire the Landing Apartments on Bayou Cane in Houma, Louisiana
DALLAS--(BUSINESS WIRE)--Dec 12, 2018--Southern Properties Capital, a subsidiary of Transcontinental Realty Investors Inc., (NYSE: TCI) a Dallas-based real estate investment company, is pleased to announce its most recent multi-family acquisition of The Landing Apartments on Bayou Cane (The Landing) in Houma, Louisiana.
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The Landing at Bayou Cane apartments in Houma, Louisiana (Photo: Business Wire)
The 240-unit Class A garden-style luxury apartment community has 13 buildings and offers a unit mix of studio, one, two and three bedroom units ranging from 500 square feet to 1498 square feet. Interior amenities include crown molding, spacious pantries and garden tubs; as well as high-tech security systems residents can control with their smart phones. Units are also prewired for surround sound. Exterior amenities offer a club house with stylish lounge area, study room equipped with PC and Mac computers, 24-hour exercise facility, volleyball court, pool/hot tub area with lounging deck and an open green space.
“Houma is the largest principal city in Terrebonne Parish. Its proximity to New Orleans and Baton Rouge make this asset a prime example of our asset strategy,” stated CEO and President Daniel J. Moos. “The Landing Apartments are located in an area rich with history, culture, tourism, and economic stability.”
With French, Spanish, Acadian and Native American inhabitants a unique Cajun culture was born. Houma and the surrounding area boasts the draw of authentic Acadian culture, diverse environment and wildlife, plantation homes, and excellent food. The city’s close proximity to New Orleans, Baton Rouge and Lafayette make Houma-Terrebonne an excellent central location for the visitor who wishes to see all the sights and sounds of the bayou wonderland of South Louisiana.
The Landing’s address offers quick and easy access to shopping, dining, and entertainment. It is served by the Terrebonne Parish school district and is assigned to Southdown Elementary, Houma Junior High and Terrebonne High schools. The Houma-Terrebonne Civic Center is on Civic Center Drive, approximately 5 miles from The Landing.
Two major water highways intersect in Houma, bringing together the Gulf Intercostal Waterway and the Houma Navigational Canal. The Port of Terrebonne is 26 miles from the Gulf of Mexico. Alligator sight-seeing, marsh and wildlife tours, Chauvin Sculpture Garden and the Bayou Terrebonne Waterlife Museum are just some of the attractions that Houma offers.
About Transcontinental Realty Investors
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.
About Southern Properties Capital
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.
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CONTACT: Chris Childress, Pillar Income Asset Management
KEYWORD: UNITED STATES NORTH AMERICA LOUISIANA TEXAS
INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Transcontinental Realty Investors
Copyright Business Wire 2018.
PUB: 12/12/2018 08:00 AM/DISC: 12/12/2018 08:01 AM