Foundation For Better Housing Announces the Purchase of Two Multi-Family Properties

  Foundation For Better Housing Announces the Purchase of Two Multi-Family
  Properties

Business Wire

DALLAS -- May 13, 2014

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).

Contact:

Pillar Income Asset Management
Chris Childress, 469-522-4275
press@pillarincome.com
 
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