Source: Abode Properties / #Apartments #Multifamily
ADDIS, LA - Abode Properties, a subsidiary of Dallas-based real estate investment company Transcontinental Realty Investors, announced the acquisition of Sugar Mill II apartments. The class A asset will be added to the organization’s Southern Properties Capital portfolio.
Sugar Mill II in Addis, Louisiana is minutes from downtown Baton Rouge and provides easy access to I-10. The upscale, gated, residential community includes 80 one and two bedroom units each containing full kitchen and full size washer and dryer. The facilities include a club room with full kitchen and covered patio, business center, fitness center, and a resort style pool. The property began lease-up in May 2016 and was stabilized by September that same year.
“Sugar Mill II is an outstanding addition to our Southern Properties Capital portfolio,” commented Bradley Kyles, Abode’s EVP of Multi-Family Residential Operations. “With a strong school system, growing population, and close proximity to the state capital, Addis, Louisiana exemplifies the growing towns in which we aim to acquire and develop new assets.”
Southern Properties Capital operates primarily in Texas and specializes in Class A multifamily assets in emerging markets throughout the Southern United States, corresponding with both sustainable and viable economic growth activity. The issuing entity is backed by over 3,000 multi-family units (out of a total of approximately 8,000 owned and operated by TCI), as well as over 1.5 million square feet of office space in Texas. The company has already used funds to acquire additional multi-family assets within its strategic footprint, and expects significant expansion by continuing to utilize the Israeli bond platform.