Pillar Income Asset Management, Transcontinental Realty Investors Inc. and Abode Properties continue their development, land sale and refinancing projects
DALLAS – (COMMERCIAL THREAD) – Pillar Income Asset Management, as management company for Transcontinental Realty Investors Inc. (NYSE: TCI), American Realty Investors, Inc. (NYSE: ARL), Income Opportunity Realty Investors, Inc. (NYSE American: IOR ) and Abode Properties confirms that business operations continue on a constant basis and linked to day-to-day operations. In addition, the Company’s various multi-family development projects, land sales and refinancing activities continued.
According to President and CEO Daniel Moos, âDuring the COVID-19 pandemic, our stakeholders retain a sense of optimism and the expectation of a gradual and timely economic recovery. Although we have been affected by âstay at homeâ orders in our various markets, all of our staff, tenants and suppliers have been able to adapt and / or maintain operations remotely. . Since the state ordinances, new rental activity has continued and we have maintained constant occupancy throughout our portfolio. He continued, “As we expect there will eventually be a strong recovery from the COVID-19 pandemic, particularly in the southwest and southeastern United States where our assets are located. , we are also strategically examining opportunities to secure plots of land for future improvements. to our multi-family asset base.
Transcontinental Realty Investors currently has 9 multi-family projects in development in Texas and Louisiana. These assets total more than 1,600 units and more than 1.4 million square feet. TCI’s newest development project, Parc at Opelika, is slated to open within the next 90 days in Opelika, Alabama. The company remains cautiously optimistic that the current challenges facing the economy will ease over the coming months. These multi-family development projects are on track to meet their initial completion dates.
The company’s largest development project, Windmill Farms, recently had 2 major land sales and 4 more are on the verge of closing, resulting in multiple lot and large area sales. With an estimated total population of 45,000, it is functionally a good-sized privatized city on the east side of Dallas. Windmill Farms’ lot development program is gaining momentum as the months of heavy rain have passed. 440 lots are nearing completion. 414 other lots are being paved. Home sales in the 250 delivered lots remained strong, with owners moving in weekly.
At the time of writing this press release, multi-family rent collections were above the national average. We remain committed to our tenants and employees. As a commercial property manager, we maintain constant communication with our tenants and continue to research and adopt new CDC and BOMA guidelines.
âAs an employer, we do everything we can to help our employees feel supported and connected while continuing to function remotely,â added Daniel Moos. âBefore the Dallas County stay-at-home mandate was in place, we provided each employee with a supply of Clorox hand sanitizer and wipes for their personal use. We have also ensured that each employee has the necessary equipment and connection to move remotely at all times. We encountered very few issues during the transition. We continue to send weekly informational emails and managers are encouraged to host weekly video meetings and plan virtual service activities. The property and corporate management teams continue to be a phenomenal, hard working group of people. ”
About Transcontinental Real Estate Investors Inc.
Transcontinental Realty Investors places a strong emphasis on creating greater shareholder value through the acquisition, financing, operation, development and sale of real estate in all geographic regions of the United States. A corporation on the New York Stock Exchange, Transcontinental is listed under the symbol “TCI”. Transcontinental generates revenue through the ownership and professional management of income-producing apartments and office buildings that are âundervaluedâ or âunderperformingâ at the time of acquisition. Value is added under Transcontinental ownership, and properties are repositioned in higher classifications through physical improvements and improved management. Transcontinental has significantly increased its development capabilities associated with luxury apartment residences through its wholly owned subsidiary Abode Properties, primarily on land it owns or acquires.
About the properties of the house
Abode Properties is a subsidiary of Transcontinental Realty Investors Inc. (NYSE: TCI), a Dallas-based real estate investment company. Abode’s investment and strategic direction is to acquire, develop and operate a portfolio of desirable multi-family residential properties, while capitalizing on our ability to secure long-term and static debt structures. The portfolio is expected to benefit from historically established, proven and successful operating practices, seasoned on-site management and an experienced management team with forward-thinking capabilities to achieve maximum cash flow and consistent returns, while at the same time now unparalleled customer and resident service. We are disciplined and prudent capital distributors and will continue to develop our geographically diversified portfolio from southwest to southeast. These markets are geographically located in areas of the country that correspond to both sustainable and viable economic growth activity. Affiliates include American Realty Investors, Inc. (NYSE: ARL), Income Opportunity Realty Investors, Inc. (NYSE American: IOR), Regis Property Management, LLC and Pillar Income Asset Management, Inc.
About Pillar Income Asset Management
Pillar Income Asset Management, Inc. is a Dallas-based property management company that develops and manages more than $ 2.5 billion in real estate for public and private real estate entities. Affiliates managed or advised by Pillar include American Realty Investors, Inc. (NYSE: ARL); Transcontinental Real Estate Investors, Inc. (NYSE: TCI); Income Opportunity Realty Investors, Inc. (US NYSE: IOR); and Abode Properties Inc.