InvestmentsReal Estate

TCI, Southern Properties Capital, Macquarie partnering to build significant multifamily portfolio

Joint venture already has 10,000 units, with plans for much more

There’s about to be a new big player in the multifamily market in the Southwestern part of the U.S.

Southern Properties Capital, a subsidiary of real estate investment company Transcontinental Realty Investors that operates primarily in Texas and specializes in Class A multifamily, is forming a joint venture with a subsidiary of Macquarie Group, the global finance giant.

According to the companies, the joint venture will focus on creating a “business platform that will allow dramatic expansion in the multifamily arena.”

The joint venture, which is called Victory Abode Apartments and will do business as Abode Properties Services, already holds 10,133 units in 11 states with three more multifamily assets currently under construction.

TCI and Southern Properties Capital contributed the portfolio of more than 50 multifamily assets, while Macquarie made a “substantial equity investment.”

The companies say that the venture will seek to increase the overall size of the portfolio over the next several years, through “strategic buildout of its robust development pipeline alongside opportunistic acquisitions.”

According to the companies, Victory Abode Apartments is already one of the “largest multifamily operating companies in the country.”

The companies say that the venture will focus its investments on Class A properties, acquiring existing complexes and building new ones in “focused secondary and tertiary markets.”

“This transaction falls right in line with our strategic vision,” said 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.”

Jackie Hamilton, senior managing director at Macquarie Principal Finance, added that the company is “excited” to partner with TCI and Southern Properties to build the multifamily venture.

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