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).
Copyright Business Wire 2014