DALLAS--(BUSINESS WIRE)--
Transcontinental Realty Investors, Inc. (TCI) is pleased to announce that all site work is complete for its premier development project Terra Lago in Rowlett, Texas. The property joins other high end developments as a part of the city’s Realize Rowlett 2020 initiative.
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Construction enters final phase on waterfront property - Terra Lago in Rowlett, Texas (Photo: Business Wire)
The property’s precast garages are complete and framing is underway with projected completion in April 2017. “We will begin pre-leasing activity this May and will have the property online in the 4th quarter,” said Randall Johnson, VP of Residential Construction.
Terra Lago is a four-story Mediterranean-style apartment complex comprised of 447 units. Located on the shore of Lake Ray Hubbard, this piece of land features old-growth trees and scenic rocky banks. The City is planning to further enhance this site by building a park and walking trail at this location. Residents will be able to step outside and enjoy these features in their own back yard. The plan even envisions a water taxi that would transport guests to other points along the lake.
The project will be built to cater to those who wish for the best of what Rowlett and multi-family living have to offer. With an exquisite Mediterranean facade, every detail of a carefree lifestyle will be incorporated into the complex. A state-of-the-art fitness center and luxury community room will be enjoyed by residents, as will the courtyard pool areas and outdoor cooking facilities. Residents will park in structured parking and be able to enter the buildings on the floors on which they live. Then, walking through air-conditioned corridors, they will live in units that feature a wide array of upscale amenities such as granite countertops, island kitchens, and all of the appointments found in only the best luxury apartment properties.
Transcontinental Realty Investors, Inc. maintains a strong emphasis on creating enhanced shareholder value through acquisition, financing, operations, developing, and disposition of real estate across many geographic regions 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 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.
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.
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