Overlook Phase II, LP ("Overlook II"), a wholly owned subsidiary of Abode Properties and Transcontinental Realty Investors, Inc., has entered into an agreement to develop Overlook at Allensville Square II apartments in Sevierville, Tennessee. The property will be owned by Overlook Phase II, LP. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180315005381/en/
Architectural rendering of Overlook at Allensville Phase II (Photo: Business Wire)The projected $16 million dollar HUD project began construction January 2018. Overlook at Allensville Square Phase II is a 144 unit project being developed by JMJ Development. This elegant, gated garden style 6 building 3 story community will be composed of 1, 2 and 3 bedroom apartment homes, ranging from approximately 669 - 1,041 square feet and nestled in the quiet foothills of the Smoky Mountains and on an interior neighborhood street. Ample parking of 288 spaces is made up of 27 rentable garages and 261 self-park open spaces. Exterior amenities include clubhouse, pool, children's playground, BBQ grills/grilling areas and outdoor fireplace, pool with deck. There will be an enhanced business center, dog park and car care area. There will also be a fitness center and juice bar pavilion adjacent to the pool. Breathtaking views with a comfort of a neighborhood feel while being minutes from downtown Sevierville; residents will be with 5 miles of schools, shopping, dining and entertainment. Completion for this project is scheduled for July 2019. Interior features include ceiling fans in living room and bedrooms, 42" upper cabinets, kitchen islands, W/D connections, electric smoke detectors and fire extinguishers in each unit. Sevierville is located between Asheville, North Carolina, and Knoxville, Tennessee, on Interstate 40 at exit 407. Sitting on the edge of the Great Smoky Mountains next to Gatlinburg and Pigeon Forge, Sevierville is easily accessible by car or plane. It is less than one hour from Knoxville's McGhee Tyson Airport, with more than 100 commercial flights per day. The Pigeon Forge / Gatlinburg Airport is only minutes away with a 5,500-foot runway which services small aircrafts including corporate jets ( www.visitsevierville.com). Abode Properties is a subsidiary of Transcontinental Realty Investors Inc., (NYSE: TCI), a Dallas-based real estate investment company. Abode's investment and strategic focus is to acquire, develop, and operate a portfolio of desirable multifamily residential properties, while capitalizing on our ability to obtain long term and static debt structures. The portfolio stands to benefit from historically established, proven, and successful operational practices, seasoned on-site management, and an experienced leadership team with forward thinking capabilities in order to realize maximum cash flows and consistent returns, while maintaining unequaled resident and customer service. We are disciplined and prudent allocators of capital and we will continue growing our geographically diverse portfolio from the Southwest to the Southeast. These markets are geographically located in areas of the country that correspond with both sustainable and viable economic growth activity. Transcontinental Realty Investors ( www.transconrealty-invest.com) maintains a strong emphasis on creating greater shareholder value through acquisition, financing, operation, developing, and sale of real estate across every geographic region in the United States. A New York Stock Exchange company, Transcontinental is traded under the symbol "TCI". Transcontinental produces revenue through the professional management of apartments, office buildings, warehouses, and retail centers that are "undervalued" or "underperforming" at the time of acquisition. Value is added under Transcontinental ownership, and the properties are repositioned into higher classifications through physical improvements and improved management. Transcontinental also develops new properties, such as luxury apartment homes principally on land it owns or acquires.