SOUTHLAKE, Texas, Oct. 11, 2023 (GLOBE NEWSWIRE) -- Trinity Investors of Southlake, Texas, has partnered with Trammell Crow Residential to expand their Class A attainable housing strategy in Tampa, Florida. The development, Allora River Ridge, is a 330-unit garden-style multifamily community in the northern Tampa community of River Ridge and is strategically situated near several significant demand drivers in Pasco County, including the new Moffitt Cancer Center development.
Allora River Ridge exemplifies Trammell Crow Residential’s Class A attainable housing strategy – which focuses on design and construction efficiency to drive affordability while including market-rate finishes and Class A amenities such as fitness centers, resort-style pools, electric charging stations, and community spaces.
This investment comes on the heels of Trinity Investors and Trammell Crow Residential’s 2020 partnership to develop Allora Friendswood, a similar 249-unit garden-style apartment community that was successfully constructed and sold in 17 months.
“Our first partnership with Trammell Crow Residential produced an IRR of ~65% and a cash-on-cash of ~2.04x - significantly outperforming original projections,” says Jay Fuquay, Executive Vice President at Trinity Investors. “We look forward to expanding our investment in Trammell Crow Residential's attainable housing strategy.”
Allora River Ridge reaffirms one of Trinity Investors 2023 key themes, which includes focusing on new development opportunities that offer clear value creation and are less sensitive to the near-term financing environment.
NOTE TO EDITOR: The rendering depicted is Allora Friendswood which is the model for Allora River Ridge in terms of floorplans and building layouts (Photo courtesy of Crow Holdings).
About Trinity Investors
Founded in 2006, Trinity Investors is an alternative asset management firm in Southlake, Texas, that strives to provide high net-worth individuals with above-average, risk-adjusted returns through direct investment in real estate and operating companies. Since its inception, Trinity Investors has over 17 operating companies and 145 real estate holdings with a combined portfolio value of $6.9 billion*. Trinityinvestors.com
*The listed Portfolio Value represents the combined value, at inception, of all active investments in which Trinity Investors offerings have participated. The underlying portfolio investments are not revalued periodically. The listed Portfolio Value is only representative of the aggregate value of the subject projects at the time that Trinity Investors offerings invested in the projects. Thus, the current market value of the portfolio may be higher or lower than the listed Portfolio Value.
*Trinity Investors only works with Accredited Investors. Investments are illiquid, and diversification is key to a managed portfolio.
About Trammell Crow Residential
Trammell Crow Residential is the multifamily development arm of Crow Holdings. For over 40 years, Trammell Crow Residential has been developing premier, amenity-rich multifamily communities and has delivered approximately 287,000 residences nationwide and an additional 25,000 units currently in development. Since 2014, Trammell Crow Residential has consistently ranked as one of the top ten largest multifamily developers country wide. Crowholdings.com/tcr
MEDIA CONTACT:
Diana Aldermae, Marketing Coordinator
M: 682-410-3230
diana@trinityinvestors.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8769d382-4c32-48b8-81b7-f9eff49f6bb3
