Comunidad Partners has acquired Villas del Zocalo 4. The 437-unit affordable housing community was completed in 1980 and features two- and three-story buildings. The property is located at 3232 Sumter Drive in the Bachman neighborhood of Dallas.
Villas del Zocalo 4 is surrounded by a trio of numbered Comunidad properties. These properties are collectively referred to as “The Zocalos.” Villas del Zocalo 1, 2 and 3, along with Villas del Zocalo 4, encompass more than 1,000 apartments. The acquisition is Comunidad’s 11th asset in the Dallas-Fort Worth market.
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Comunidad Partners intends to launch a capital improvement program that will result in interior and exterior renovations. The company also plans social impact programming.
“A few challenges we faced include the volatility of the debt capital market, as well as the labor market,” Antonio Marquez, managing partner of Comunidad Partners told Multi-Housing News. “We overcame these challenges through disciplined underwriting and working with our lender to navigate and keep cost of capital and loan terms the same. Labor was a bit tricky but given our presence in Dallas and economies of scale we were able to promote from within and provide greater opportunities for team members within our portfolio to grow and step up into this new, exciting opportunity.”
Villas del Zocalo 4 features studio, one-, two- and three-bedroom apartments. The pet-friendly community offers well-appointed kitchens with pantries and refrigerators. Another feature is air conditioning. Select apartments provide dishwashers. A business center with high-speed Internet is among the common-area amenities.
Villas del Zocalo 4 is located in the northwest quadrant of Dallas. Residents are situated just minutes away from restaurants and a variety of retail centers, as well as entertainment attractions. Recreational attractions near the property include Bachman Lake Park, Luna Vista Golf Course, OSO Climbing Gyms and USA Bowl.
A location near major Interstates 35E and 635 enables residents to quickly and conveniently access job centers throughout Dallas-Fort Worth.
In a statement, Comunidad Partners noted the Dallas-Fort Worth Metroplex will soon lead the nation in in-migration, and is on pace to welcome 70,000 new residents this year. As a result, apartment absorption is expected to exceed deliveries in 2022, resulting in robust rent growth and fewer apartment occupancies.
Taylor Snoddy with Northmarq served as the transaction’s listing broker.