HOUSTON, Jul 28, 2014 (BUSINESS WIRE) — As the company continues to build a competitive portfolio of West Texas real estate assets, Taylor Consulting, Inc. (OTCBB:TAYO) announced today that its real estate division, Third Avenue Development, LLC, has closed on its latest property in the booming economic region.
The company has completed its acquisition of a multi-unit storage facility that the company targeted to serve the flood of workers and families moving in and out of West Texas. The area around the Permian Basin is undergoing a population explosion thanks to advanced new oil and gas drilling technology. The economic impact of new drilling in the region could be as high as $34 billion by 2022 and support more than 30,000 jobs, according to a recent study by the University of Texas at San Antonio.
“This property fits all of our acquisition criteria,” said TAYO CEO Scott Wheeler. “It is in a prime, central location with attractive land value as well as positive cash flow that we believe will be supported by increasing numbers of part time residents and nearby military personnel. We expect to maintain a very high occupancy rate at the new property.”
TAYO carefully considered the region’s demographics before targeting the property. The company has made the acquisition of promising assets on or near the state’s shale oil and gas formations a priority since expanding into the U.S. real estate market earlier this year. After conducting extensive due diligence on the region and its astonishing growth, TAYO signed a contract to acquire the infrastructure play in the rapidly expanding Abilene metro area last month.
Through Third Avenue Development, the company is committed to investing in promising real estate assets to compete alongside American Homes 4 Rent (NYSE: AMH), Silver Bay Realty Trust Corp. (NYSE: SBY), Equity Residential (NYSE: EQR), Essex Property Trust Inc. (NYSE: ESS) and more.
For more information on Third Avenue Development, please visit www.ThirdAvenueDevelopment.com.
About Third Avenue Development, LLC.
A division of Taylor Consulting, Inc. (TAYO), Third Avenue Development, LLC, is building an emerging portfolio of real estate assets in booming oil and gas regions. The company is focused on acquiring and developing properties in the country’s top-performing markets in order to capitalize on rising demand for housing and related infrastructure services.
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