DALLAS--(BUSINESS WIRE)--Dec 5, 2018--Transcontinental Realty Investors Inc. (NYSE: TCI), a Dallas-based real estate investment company, is pleased to announce that Mercer Crossing development continues to expand. Dominion at Mercer Crossing Apartments are currently under construction and projected for completion in the first quarter of 2020. TCI has a financial interest in this class A asset located at Mercer Crossing and sold this tract of land to the developer, as well as several other tracts in the area to various developers.
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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 note-worthy amenities include a resort style pool with tanning ledges and cozy cabanas, fully equipped fitness center, parking garage, elevators, and walking trail.
“Though TCI isn’t the direct developer of this property, we do appreciate working with quality third party developers,” commented TCI’s CEO and President Daniel J. Moos. “Mercer Crossing is on track to be one of Dallas’s premier locations and it is exciting to watch an asset being built right outside your office window. TCI sold the parcel of land to this premier developer and continued to work together 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.
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CONTACT: Chris Childress, Pillar Income Asset Management
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: REIT CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Transcontinental Realty Investors Inc.
Copyright Business Wire 2018.
PUB: 12/05/2018 01:07 PM/DISC: 12/05/2018 01:07 PM