The joint venture currently holds 10,133 units across 11 states.
DALLAS—Southern Properties Capital, a subsidiary of Dallas-based real estate investment company Transcontinental Realty Investors Inc., has formed a joint venture agreement with a wholly owned subsidiary of Macquarie Group Limited. The joint venture, Victory Abode Apartments d/b/a Abode Properties Services, was formed with TCI and Southern Properties Capital contributing the portfolio of more than 50 multifamily assets together with a substantial equity investment by Macquarie.
The joint venture's primary focus is to create a business platform that will allow dramatic expansion in the multifamily arena. The intent is to increase the overall size of the portfolio during the next several years through a strategic buildout of its development pipeline alongside opportunistic acquisitions. The company remains highly focused in its core Southeast and Southwest US geographic areas. The joint venture currently holds 10,133 units across 11 states with three assets currently under construction.
“This transaction falls right in line with our strategic vision,” says Daniel Moos, CEO and president of Transcontinental Realty Investors/Southern Properties Capital, and CEO of Victory Abode Apartments. “This new collaboration with Macquarie, in addition to our Series A and B Bond raisings on the Tel Aviv Stock Exchange, creates additional financial strength to an already thriving organization.”
Victory Abode Apartments is one of the largest multifamily operating companies in the country. VAA is immediately poised to address existing and future demand for quality multifamily residential housing through acquisition and development of sustainable class-A multifamily housing in focused secondary and tertiary markets. VAA's strong equity position is balanced through the use of fixed-rate long-term HUD mortgage debt, commercial mortgages and the use of various conventional construction lenders. The company will be principally operated by a dedicated and highly professional management team with decades of industry experience, with strategic support from the venture partner.
“We are excited to partner with TCI/Southern Properties on the acquisition of this portfolio of predominantly workforce housing, with opportunities for expansion in attractive pro-business markets,” said Jackie Hamilton, senior managing director at Macquarie Principal Finance.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
