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.”
Community Features
Villas del Zocalo 4 features studio, one-, two- and…
