Comunidad Partners acquires multifamily asset in Texas
Comunidad Partners has recently acquired Metro 7000, a 206-unit affordable housing community in Fort Worth. The financial terms and seller were not disclosed.
“Forth Worth is a market that has undergone tremendous growth over the last few years and is closely aligned with our investment strategy,” said Antonio Marquez, managing partner at Comunidad Partners. “Metro 7000 is a perfect fit for our affordable strategy and ESG/social impact focus, as it’s located in a predominantly minority, underinvested area yet is dynamic and poised for growth. Our core investment focus is identifying, acquiring, and sourcing affordable and workforce housing in culturally diverse neighborhoods positioned for long-term growth throughout the Sunbelt region. In fact, Fort Worth is in the top 2 percent for the most diverse places to live in America and has been named as one of the fastest growing cities in the United States.”
Comunidad Partners plans to implement a series of interior and exterior renovations to the community, as well as add value through the implementation of its unique social impact programming.
“We take a holistic approach to all of our investments,” said Marquez. “We invest beyond the asset itself and truly invest in our residents. With our specialized cultural management platform, we tailor programs at our communities to fit the needs and ethnicities within those communities. In doing so, we can build a sense of community and provide residents with the tools they need for success. This, in turn, contributes to long-term retention and reduced turnover at the asset.”
Comunidad Partners has owned 30 assets totaling nearly 7,000 units throughout Texas.
“Beyond our social impact programming and improvements to the property, we will be able to further increase NOI and drive down operating costs through amassing economies of scale in the region,” added Marquez. “The apartment community is also strategically located near major employment hubs including Fort Worth’s CBD with more than 10.6 million square feet of office space, the DFW International Airport and American Airlines headquarters, which will all drive long term demand to the property over time.”
Metro 7000 also features a host of community amenities including a clubhouse, pool, children’s play area, barbecue and picnic area, sports court, and a dog park, among many others.
Source: Institutional Real Estate, Inc.