DALLAS, TX - Southern Properties Capital (SPC) a subsidiary of Transcontinental Realty Investors, a Dallas based real estate investment company, announced the very positive success in acquiring and enhancing Chelsea Apartments. The US Department of Housing and Urban Development granted Southern Properties Capital the loan to acquire the multifamily asset in August of 2018. Since then, Southern Properties Capital and the Chelsea management staff have been working diligently to enhance its overall performance.
“We have owned and operated properties in this particular area of Texas and along the Gulf coast for over a decade,” stated CEO and President Daniel J. Moos. “This particular asset was a diamond in the rough when we acquired it. The transaction is aligned with our business model of either building or acquiring Class A properties that can be enhanced in value. Chelsea Apartments has proven very successful and now exceeds 95% leased. Our team has done an excellent job with this property.”
Chelsea Apartments are located in Beaumont, Texas. The property offers 8 different one, two, and three bedroom floor plans ranging from 618-1239 square feet. The 144 unit garden style community is comprised of 10 two-story residential buildings atop 6.81 acres of land. Chelsea Apartments offer a distinctive, quiet living environment with quick and convenient access to Interstate 10.
Beaumont-Port Arthur is home to impressive biodiversity and historical significance as the town boasts the first major oil discovery in Texas. Benefits from the constant expansion of the energy industry and petrochemical industry construction is a major economic driver for the area. Visitors enjoy outdoor activities including fishing, hunting, birding, paddling, as well as fine dining, several theaters and music venues. The city is currently celebrating its 180th birthday.
Source: Transcontinental Realty Investors