Foundation For Better Housing Announces the Purchase of Two Multi-Family Properties

Business Wire

DALLAS--(BUSINESS WIRE)--

Foundation For Better Housing in Dallas, Texas recently completed the purchase of The Preserve at Prairie Point in Lubbock, Texas and Vista Ridge Apartments in Tupelo, Mississippi.

The Preserve at Prairie Point is a 184 unit complex built in 2007. The property has direct access to I-27, Loop 289, and is within the prestigious Kings Gate and Kings Park areas which boast the city’s top shopping, school district and restaurants. The property is also minutes from South Plains Mall and Texas Tech University, but far enough away from the hustle and bustle of campus life. It’s the best of both worlds: secluded but minutes away from everything.

Vista Ridge Apartments is a gated community with features such as mahogany stained built-in cabinets, built-in microwave, pantry, carpet and tile flooring, and garden bathtubs; individual gate remote controls; and resort-style saltwater swimming pool with cabana area. The clubhouse has wireless Internet service, fitness center, business center, and kitchen with coffee bar. One, two, and three bedroom units can be rented with optional garages and covered parking.

According to Daniel J. Moos, President and Chief Operating Officer of Pillar Income Asset Management, “Sunridge Management Group took over management of both properties for Foundation For Better Housing. Sunridge also manages Dakota Arms Apartments in Lubbock for Pillar.”

Foundation For Better Housing Director Ted Stokely added, “Foundation For Better Housing was introduced to this opportunity through Gene Phillips’ advisory role to Pillar Income Asset Management. We are thrilled to add two such strong properties to our portfolio.”

Foundation For Better Housing, Inc. (FBH) is a non-profit organization that offers quality, affordable apartment homes for low to moderate-income individuals and families throughout Texas and the Southeast. We offer a range of programs and social activities to enrich our communities and our residents’ lives.

Pillar Income Asset Management, Inc. (www.pillarincome.com) is a Dallas-based real estate management company, which develops and manages in excess of $2.5 billion of real estate for public and private real estate entities. Affiliated companies under management or advisement by Pillar include American Realty Investors, Inc. (NYSE: ARL); Transcontinental Realty Investors, Inc. (NYSE: TCI); Income Opportunity Realty Investors, Inc. (NYSE MKT: IOT); and Regis Property Management, LLC (www.regisinc.com).

Contact:
Pillar Income Asset Management
Chris Childress, 469-522-4275
press@pillarincome.com

Rates

View Comments (0)