<SEC-DOCUMENT>0001839882-25-003596.txt : 20250312
<SEC-HEADER>0001839882-25-003596.hdr.sgml : 20250312
<ACCEPTANCE-DATETIME>20250123174132
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001839882-25-003596
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250123

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INCOME OPPORTUNITY REALTY INVESTORS INC /TX/
		CENTRAL INDEX KEY:			0000949961
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				752615944
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1603 LBJ FREEWAY
		STREET 2:		SUITE 800
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		4685224200

	MAIL ADDRESS:	
		STREET 1:		1603 LBJ FREEWAY
		STREET 2:		SUITE 800
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
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    <BR>
    </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">STEVEN C. METZGER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">DIRECT DIAL 214-740-5030</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SMETZGER@PMKLAW.COM</P></TD>
    <TD STYLE="width: 51%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">METZGER LAW PLLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">A PROFESSIONAL LIMITED LIABILITY COMPANY</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ATTORNEYS, MEDIATORS &amp; COUNSELORS</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">4709 W. LOVERS LANE, SUITE 200</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">DALLAS, TEXAS 75209-3178</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">214-969-7600</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">WWW.PMKLAW.COM</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">FACSIMILE 214-224-7555</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">214-523-3838</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">January 23, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Via EDGAR</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">100 F Street, Mail Stop 4628</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 5%; text-align: left">Attn:</TD><TD STYLE="width: 95%">Laura McKenzie Division of Corporation Finance <BR>
Office of Mergers
&amp; Acquisitions</TD>
</TR></TABLE>

&nbsp;

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Transcontinental Realty Investors, Inc. - Income Opportunity Realty Investors, Inc. Schedule TO-T/A filed January 16, 2025 by Transcontinental
Realty Investors, Inc. ( File No. 005-45693); Schedule 13E-3/A filed January 16, 2025, by Transcontinental Realty Investors, Inc.; File
No. 005-40410</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On behalf of Transcontinental
Realty Investors, Inc., a Nevada corporation (&#8220;<B>TCI</B>&#8221;) this letter is being filed as correspondence uploaded on the EDGAR
system on behalf of <B>TCI </B>in response to a letter of comments from the Staff of the Securities and Exchange Commission dated January
21, 2025. Schedule 1 annexed to this letter contains the responses to each of the comments of the Staff. In each instance on such Schedule,
for convenience, each comment of the Staff is repeated, followed in each instance by the applicable responses to such comment or explanation.
Also included in such response, were appropriate, is a letter/page reference to the text to the applicable document or instrument referred
to in the comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This letter and Amendment No.
2 to Schedule 13E-3 are being filed under the EDGAR system in direct response to the comments of the Staff. If you would like to discuss
any item concerning the referenced matter included in this letter or Schedule 1, please do not hesitate to contact the undersigned at
any time at 214-740-5030.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 4.5in"></P>

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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 50%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>/s/ Steven C. Metzger</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Steven C. Metzger</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 4.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 4.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 4.5in">&nbsp;</P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 5%; text-align: left">cc:</TD><TD>Erik L. Johnson, President and Chief Executive Officer<BR>
Transcontinental
Realty Investors, Inc.<BR>
1603 LBJ Freeway, Suite 800<BR>
Dallas, Texas 75234</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Response to Comments of the Staff of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Securities and Exchange Commission</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>by letter dated January 21, 2025 with respect to</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Schedule TO-T/A filed January 16, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>File No. 005-45693 and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Schedule 13E-3/A filed January 16, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<HR COLOR="Black" ALIGN="CENTER" NOSHADE SIZE="1" STYLE="width: 25%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following information is intended
to provide a response to comments of the Staff of the Securities and Exchange Commission rendered by letter dated January 8, 2025, with
respect to Schedule TO-T/A filed January 16, 2025 and Schedule 13E-3/A filed January 16, 2025 by Transcontinental Realty Investors, Inc.
(the &#8220;<B>Offeror</B>&#8221; or &#8220;<B>TCI</B>&#8221;). For convenience, each comment of the Staff is restated below, with our
response noted immediately following the comment. Also included in such response is a letter/page reference to the text in the applicable
document or Amendment of each instrument where applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>General</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Comment/Observation No. 1.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We note your response to prior
comment 3. Exchange Act Rule 0-11(b) provides that filing fees are to be calculated at the time a statement required pursuant to Section
13 (e)(1) is filed based on the &#8220;value of the securities <I>proposed</I> to be acquired&#8221; (emphasis added). Please update the
Filing Fee Table (and the resulting filing fee) to be consistent with the estimated $1,800,000 required funds as set out on page 27 of
the Offer to Purchase. See Exchange Act Rule 0-11(b) (2). Note that if additional shares beyond the number sought are accepted, any additional
filing fee may be paid in accordance with Exchange Act Rule 0-11(a)(3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Response to Comment/Observation
No. 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The filing fee table filed as
Exhibit 107 attached to Schedule 13E-3/A filed concurrently with this response letter has been updated to reflect a filing fee based on
the estimated $1,800,000 for 100,000 Shares of IOR sought by the Offer multiplied by the fee rate of $153.10 for each $1,000,000 in value
and the resulting amount of $306.20 has been paid as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Schedule 13E-3/A filed January 16, 2025, by
Transcontinental Realty Investors, Inc. Financial Statements, page 3.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Comment/Observation No. 2.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Refer to Comment 22 in our prior comment letter.
You have incorporated by reference financial statement disclosure contained in certain periodic reports filed by IOR. However,
Instruction 1 to Item 13 of Schedule 13E-3 mandates that where you do so, summary financial information must be included in the
disclosure materials disseminated to shareholders. Revise to include the required summary financial statement disclosure required by
Item 1010(c) of Regulation M-A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><B>Response to Comment/Observation No. 2.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Schedule 13E-3/A filed concurrently with this
response letter includes both the prior disclosure in Item 13 as well as the summary financial statement disclosure required by Item 1010(c)
of Regulation M-A, including the items specified in Section 210.1-02 (bb)(1), income per share from continuing operations and calculated
book value per share as of the most recent balance sheet date.</P>

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