Dominion at Mercer Crossing Apartments Starts Lease-Up
DALLAS--(BUSINESS WIRE)--Jan 23, 2020--
Transcontinental Realty Investors Inc. (NYSE: TCI), a Dallas based real estate investment company, is pleased to announce that Dominion at Mercer Crossing Apartments are complete and currently in lease-up. TCI affiliate Abode Properties Services is providing asset management guidance for this class A property located at Mercer Crossing in Farmers Branch, Texas, located near TCI-developed Lakeside Lofts.
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Dominion at Mercer Crossing Apartments in Farmers Branch, Texas (Photo: Business Wire)
The mid-rise property will consist of two residential four story buildings, housing 256 units. The Dominion at Mercer Crossing apartments will offer spacious 500-square-foot studios, one bedroom units ranging from 616 to 858 square feet, two bedroom floor plans ranging from 991 to 1233 square feet and three bedroom units ranging from 1436 to 1490 square feet.
Each apartment boasts a gourmet kitchen with granite countertops, energy star appliances, designer lighting and plumbing fixtures, wood plank flooring and an in-home washer and dryer. Select apartment homes offer residents a private yard. The property’s noteworthy amenities include a resort style pool with tanning ledges and cozy cabanas, fully equipped fitness center, parking garage, elevators, and walking trail.
“Dominion started lease-up in November of last year and is already 16% occupied and 26% leased,” commented TCI’s CEO and President Daniel J. Moos. “TCI originally sold the parcel of land to this premier developer and we continue to provide assistance as needed to ensure the success of the project.”
The property is situated inside the 1,200 acre Mercer Crossing development. Mercer Crossing is at the heart of the Dallas-Ft. Worth metroplex. Located near the junction between interstates 635, 35E, George Bush Tollway, and Sam Rayburn Tollway, the development will feature retail, restaurant, hotel, corporate office space and multifamily residential. Fifty companies call Mercer Crossing home. Mercer Crossing is at the center of Dallas-Ft. Worth.
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. Affiliated companies include American Realty Investors, Inc. (NYSE: ARL), Income Opportunity Realty Investors, Inc. (NYSE American: IOT), Regis Property Management, LLC, and Pillar Income Asset Management, Inc.
View source version on businesswire.com:https://www.businesswire.com/news/home/20200123005488/en/
CONTACT: Chris Childress, Pillar Income Asset Management
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Transcontinental Realty Investors Inc.
Copyright Business Wire 2020.
PUB: 01/23/2020 09:32 AM/DISC: 01/23/2020 09:32 AM