HOUSTON, TX—Third Avenue Development, LLC, the real estate division of Taylor Consulting, Inc., (TAYO) said Tuesday that it will begin due diligence toward another major acquisition in West Texas.
The deal would be for a “multi-lot real estate parcel in the booming corridor between Abilene and Midland, Texas,” the firm said in a statement, adding that the acquisition plans are part of ongoing work to build a “highly competitive portfolio of assets.”
A large influx of workers and residents drawn by the booming oil and gas industry in West Texas has made the region one of the hottest real estate markets in the country. Last month in Midland, home values grew by more than 23% year-over-year, pushing the city’s median price to the No. 1 slot in Texas for the second time this year.
The multi-lot purchase that TAYO will consider meets the company’s criteria of covering numerous acres of usable land ripe for redevelopment to suit a variety of potential needs. TAYO CEO Scott Wheeler says that the company is targeting distressed assets that can potentially be acquired at a discount.
“Purchasing lots in bulk gives us more development options at a more affordable price,” Wheeler said. “We’re looking to build up a significant portfolio in this market very quickly.”
TAYO won its first bid to acquire 64 West Texas properties last month.
TAYO created Third Avenue Development, LLC to invest in promising real estate assets to compete alongside American Homes 4 Rent, Silver Bay Realty Trust Corp., Equity Residential and Essex Property Trust Inc. and more.