Comunidad Partners Acquires Dallas Property

Comunidad Companions has acquired Villas del Zocalo 4. The 437-unit inexpensive housing neighborhood was accomplished in 1980 and options two- and three-story buildings. The property is situated at 3232 Sumter Drive within the Bachman neighborhood of Dallas.

Villas del Zocalo 4 is surrounded by a trio of numbered Comunidad properties. These properties are collectively known as “The Zocalos.” Villas del Zocalo 1, 2 and three, together with Villas del Zocalo 4, embody greater than 1,000 flats. The acquisition is Comunidad’s eleventh asset within the Dallas-Fort Price market.

READ ALSO: Dallas Multifamily Report

Comunidad Companions intends to launch a capital enchancment program that may lead to inside and exterior renovations. The corporate additionally plans social influence programming.

“Just a few challenges we confronted embody the volatility of the debt capital market, in addition to the labor market,” Antonio Marquez, managing accomplice of Comunidad Companions advised Multi-Housing Information. “We overcame these challenges by way of disciplined underwriting and dealing with our lender to navigate and maintain price of capital and mortgage phrases the identical. Labor was a bit tough however given our presence in Dallas and economies of scale we have been in a position to promote from inside and supply higher alternatives for staff members inside our portfolio to develop and step up into this new, thrilling alternative.”

Neighborhood Options

Villas del Zocalo 4 options studio, one-, two- and three-bedroom flats. The pet-friendly neighborhood provides well-appointed kitchens with pantries and fridges. One other function is air-con. Choose flats present dishwashers. A enterprise heart with high-speed Web is among the many common-area facilities.

Villas del Zocalo 4 is situated within the northwest quadrant of Dallas. Residents are located simply minutes away from eating places and quite a lot of retail facilities, in addition to leisure sights. Leisure sights close to the property embody Bachman Lake Park, Luna Vista Golf Course, OSO Climbing Gyms and USA Bowl.

A location close to main Interstates 35E and 635 allows residents to shortly and conveniently entry job facilities all through Dallas-Fort Price.

In a press release, Comunidad Companions famous the Dallas-Fort Price Metroplex will quickly lead the nation in in-migration, and is on tempo to welcome 70,000 new residents this yr. Because of this, condominium absorption is predicted to exceed deliveries in 2022, leading to strong hire development and fewer condominium occupancies.

Taylor Snoddy with Northmarq served because the transaction’s itemizing dealer.