(To read more on the multifamily market, click here.)

DENTON, TX-After one year of fine-tuning the deal,Transcontinental Realty Investors Inc. has taken control of a25.9-acre tract earmarked for multifamily development in the430-acre Preserve at Pecan Creek. Comparable dirt in the area hasbeen fetching $2 per sf.

Transcontinental Realty, part of the Gene E. Phillips Children'sTrust network, got a commercial foothold at the intersection ofInterstate 35 and Sandy Shores Drive near Denton's medical districtand close to the 1,200-lot master-planned development, the Preserveat Pecan Creek. Transcontinental won last year's competitive matchfor the land with the highest offer out of a half dozen during a60-day marketing, Jay Gunn with Hendricks & Partners LP'sDallas office tells GlobeSt.com. He says the closing was delayeddue to development issues and easement rights.

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