|Tropicana buys out investors in eight complexes||Tropicana buys out investors in eight complexes||https://www.recenter.tamu.edu/news/newstalk-texas/?Item=16597||2017-05-19T05:00:00Z||2017-05-19T21:35:00Z|
EL PASO – Bobby Bowling IV and Randy Bowling, owners of Tropicana Homes, have bought out the investors who owned the majority of eight El Paso-area, low-income apartment complexes developed by one of the Tropicana companies.
The eight apartment complexes, with a total of 532 units, were built with federal tax-credit financing.
The ten-year federal tax credits were expiring on the eight apartment complexes, and investors often want to sell their ownership interests at that time.
The apartment complexes now owned by the Bowling brothers are:
- Cooperstown and South Cooperstown, 5001 and 5010 Sean Haggerty Dr.;
- Castner Palms, 4651 Cohen Ave. in Northeast El Paso;
- Sunset Palms, 6149 S. Desert Blvd. in West El Paso;
- Burgandy Palms, 9395 Betel Dr.;
- Capistrano Palms, 8655 Adriana Court;
- Tropicana Palms, 3710 Lee Blvd.; and
- Pueblo Montana, 12060 Montana, in East El Paso.
|El Paso Times||El Paso||Multifamily|| http://www.elpasotimes.com/story/money/business/2017/05/12/el-paso-low-income-housing-tax-credits/101596978/|
See El Paso's Multifamily Market Research for statistics.