Southern Properties Capital—a subsidiary of Transcontinental Realty Investors Inc.—has acquired the Chelsea Apartments, a 144-unit garden-style apartment complex in Beaumont, Texas, from Key Real Estate Co.
The deal was completed after the U.S. Housing of Urban Development granted approval for the expansion of Southern Properties Capital’s multifamily portfolio in August.
“We are excited to add such a well-positioned and beautiful asset to our portfolio,” Daniel J. Moos, Transcontinental Realty Investors’ CEO & president, said in prepared remarks. “We have several similar opportunities for expansion on the horizon.”
It was back in 2014 that Key Real Estate Co. acquired the property as part of a 1,032-unit apartment portfolio purchase in Texas and Louisiana.
Located at 4630 Collier St., the community features 10 two-story buildings with one-, two- and three-bedroom units, ranging from 618-1,239 square feet. Units have gourmet kitchens complete with custom cabinetry, a built in pantry, slate tiled entries with 9-foot ceilings and crown molding, and a full-size washer/dryer.
Chelsea Apartments was built in 1999 and sits on 6.81 acres of land. Community amenities include a resort-style pool, a fitness center, a clubroom with a large TV, a full-service business center and limited-access gates with video monitoring and phone entry systems.
The area of Beaumont-Port Arthur is home to the first major oil discovery in Texas and is part of both a thriving energy and petrochemical industry. The city, which in 2018 is celebrating its 180th birthday, is also known for its adventurous outdoor activities, such as fishing, hunting, birding and paddling. The community itself is close to numerous restaurants, theaters and music venues.
Image courtesy of Transcontinental Realty Investors