Prime Income Asset Management Closes Deal on Travis Ranch Property in North Texas

DALLAS, Sept. 15 /PRNewswire/ -- Prime Income Asset Management (Prime), a Dallas-based advisory and management company to real estate and energy sector companies, today announced that its affiliate, Transcontinental Realty Investors (NYSE: TCI) has just recently completed the purchase of the Travis Ranch development. Travis Ranch, a 1,400 acre master planned, mixed use, lakeside community -- currently in development -- is considered one of the most unique sites in all of North Texas.

Ideally located on Highway 80 only 20 minutes from downtown Dallas, against a back drop of rolling hills, the property sits on the south and east sides of Lake Ray Hubbard. The Travis Ranch development was an actual ranch owned by former Texas Governor, Bill Clements. The former governor's home still remains on the property. Centurion American Development Group, a Bedford, Texas based company that has built numerous, highly acclaimed residential communities throughout North Texas, will be completing the build-out of the single family detached portion of the project.

Prime will be focusing its efforts on the multi-family and commercial tracts. Utilizing the expertise of nationally recognized "Orange Architects" out of Orange County, California, Prime is planning the design and development of both a regional shopping mall and a marina oriented, high density residential community on the site.

The "Marina Tract," a 100 acre +/- parcel surrounding a natural lagoon, is unique in that it is the only remaining tract of land that offers ownership directly down to the lake. Prime is currently in discussions with local and national architects to design the project and capitalize on this magnificent waterfront property. The vision at this point is to build a marina and several surrounding midrise, mixed use, multi-family and condominium buildings -- possibly with other water oriented entertainment amenities.

According to Daniel J. Moos, Chief Operating Officer of Prime Income Asset Management, "Travis Ranch is one of those unique and rare opportunities that comes along ever so often that is providing Transcontinental Realty Investors, Inc. the opportunity to expand upon success that Travis Ranch has already enjoyed and make it one of the most unique and compelling places to live and work in North Texas."

Prime Income Asset Management, LLC (http://www.primeasset.com) is a Dallas-based real estate management company and energy sector advisor, which owns, develops and manages in excess of $4.5 billion of commercial real estate for public and private real estate entities and advises energy companies with both domestic and international gas, oil and electricity operations. Affiliated companies also under management or advisement by Prime include American Realty Investors, Inc. (NYSE: ARL), Realty Advisors Korea, Transcontinental Realty Investors, Inc. (NYSE: TCI) and New Concept Energy (Amex: GBR). Gene E. Phillips serves as an advisor.

SOURCE Prime Income Asset Management, LLC