Dallas-based real estate investment company Transcontinental Realty Investors Inc. said it signed a joint venture deal with an undisclosed major NYSE financial institution to form Victory Abode Apartments LLC.
The joint venture will own 41 existing multifamily properties and 12 multifamily properties under development, totaling 8,082 apartment units. The partners also have the rights to co-develop 23 more projects.
Pending approval from the U.S. Department of Housing and Urban Development, the plan could be finalized in the summer, according to a release.
Additionally, Transcontinental Realty said it agreed to sell four commercial office buildings to an undisclosed private company with sizable real estate holdings.