Southern Properties Capital has acquired Houma, Louisiana-based Landing at Bayou Cane, a multifamily property. No financial terms were disclosed.
DALLAS–(BUSINESS WIRE)–Southern Properties Capital, a subsidiary of Transcontinental Realty Investors Inc., (NYSE: TCI) a Dallas-based real estate investment company, is pleased to announce their latest multifamily acquisition, Landing at Bayou Cane in Houma, Louisiana. Property and unit amenities include garden tubs, sunrooms in select units, private balconies, full size in-unit washer and dryers, pool, sand volleyball court, dog park, and rentable detached garages.
”I’m excited about this acquisition and the significant potential of this diamond in the rough,” said Daniel J. Moos, CEO and President. “The asset and its location are ideal. With our experience in hands on management, along with several enhancements, this property will be an excellent addition to our portfolio.”
Houma is in Louisiana’s bayou country located an hour outside of New Orleans. The city hosts several art galleries and historical museums, as well as countless festivals, rodeos, parades, and tournaments. Live Cajun music is also a big draw to the area, with venues open nearly every night of the week. Visitors can enjoy all of these activities, in addition to fishing, golfing, wetland tours, Mardi Gras, swamp and air tours to name a few.
About Southern Properties Capital
Southern Properties Capital (SPC) operates in Southeast and Southwest USA. The Company’s core assets are tied to owning and operating Class A multi-family apartments and two very prominent and viable Multi Use development properties in Greater Dallas. The Company’s business strategy is to continue to expand its Class A multifamily portfolio through new development and financially attractive acquisitions. Victory Abode (VAA) is a joint venture portfolio within Southern Properties.
About Transcontinental Realty Investors, Inc.
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.