Comunidad Partners, a vertically-integrated real estate investment firm that specializes in workforce and attainable housing communities in diverse neighborhoods throughout the Sunbelt, has acquired Toscana Apartment Homes, a multifamily community totaling 358 units in Northwest Austin, Texas.
Built in 2001, Toscana Apartment Homes are composed of one-, two-, and three-bedroom units featuring superior finishes such as stainless-steel appliances, faux wood flooring, stone countertops, and nine-foot ceilings. Interior amenities include in-unit full-size washer and dryer units, private patio/balcony, lighted ceiling bedroom fans and direct access to attached garages in select units. Exterior and community amenities include controlled-access gates, playground, pet park and resort-style swimming pool with shaded cabanas.
The purchase of this property aligns with the firm’s goal of preserving access to quality workforce and attainable housing in growing Sunbelt submarkets, according to Antonio Marquez, Founder and Managing Partner of Comunidad Partners.
“This was a compelling opportunity to acquire a property of the type that rarely becomes available with strong occupancy that has been well-maintained under long-term institutional ownership,” says Marquez. “Toscana Apartment Homes will benefit from migration trends and robust demand for high-quality housing that is attainable to households earning between 60% and 120% of the area median income.”
Marquez notes that the acquisition of Toscana Apartment Homes brings Comunidad’s multifamily footprint in Austin currently to 916 units.
“Austin was the country’s fastest-growing metro area for over a decade and remains in the top 5 for multifamily absorption nationally,” continues Marquez. “Despite supply headlines in Austin, our investment conviction remains strong in Austin over the long-term given compelling demand drivers along with an attractive quality of living, regulatory environment, and tax regime that is expected to continue to attract employers, positive net in-migration, and household formation in the intermediate and long-term. Drawing upon our market expertise and relationships within the market executing value-add and impact strategies, we can enhance the community efficiently while preventing residents from becoming cost burdened by their rent payments.”
Jim Howard, Chief Operating Officer at Comunidad Partners, confirms: “We strongly believe in a holistic approach to ownership and creating opportunity by centering residents, with a particular focus on meeting needs underserved in the market. For example, because Toscana offers a majority two- and three-bedroom units in an area where newer construction favors studios and one-bedroom units, we are positioned to meet the needs of families and larger households who require rental housing near Austin’s employment.”
Marquez adds: “This acquisition aligns with our ongoing strategy to build a robust portfolio of high-quality workforce and attainable multifamily product in the Sunbelt, with a particular emphasis on assets and portfolios in Southwest and Southeast markets including Dallas, Charlotte, Raleigh-Durham, Phoenix, and others.”
Comunidad plans to invest in capital improvements at Toscana and further elevate both the common areas and living spaces, including upgrades such as BBQ areas, installing a pickleball court, and adding private yards, among other initiatives.
