AUSTIN – (Realty News Report) – Comunidad Partners has acquired the The Plaza at Windsor Hills, a 200-unit apartment community located in Austin.
John Carr and Ben Fuller of Cushman & Wakefield represented the seller, One Real Estate Investment, in the transaction. Comunidad Partners acquired the property out of their fully discretionary fund, which is focused around acquiring workforce housing across the Sunbelt.
“As Austin returns to pre pandemic employment levels, particularly within the blue-collar segments of service industries, well-located workforce assets with good access to downtown will continue to benefit from the rebound,” Carr said.
Built in 1983, The Plaza at Windsor Hills, 9601 Middle Fiskville Road, is located near Interstate 35 in North Austin. The property recently received a capital infusion resulting in upgrades to building exteriors and common areas. Amenities include a courtyard, bark park, clubhouse, BBQ grill area, playground, pool with sundeck and a resident business center.
“The Plaza at Windsor Hills provided a unique opportunity for the buyer to continue improvements throughout the property, capitalizing on a well-maintained asset in one of Austin’s last affordable infill locations,” Fuller added.
Cushman & Wakefield said its Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 250 transactions and $6.2 billion in multifamily and land investment sales in 2020, according to Real Capital Analytics. www.rcanalytics.com). Market share reflects number of sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.
The multifamily market is strong in Texas, including Austin and Houston.
The comparison between Austin and Houston? Both cities report rent and occupancy improvements. ApartmentData.com says 91.7 percent of rental units in Houston are occupied while Austin has 91.9 percent occupancy in its multifamily residences.
Otherwise, the average price of a unit in Houston is $1,155 a month compared to $1,516 per month in the state capital city, which has one of the hottest economies in the nation.
That average price gets an 887 SF unit in Houston and an 886 SF domicile in Austin.
The ApartmentData.com report says Austin’s rental rates has jumped 20.9 percent over the past 12 months and 18,587 units have been absorbed.
During that same period, the price of leasing an apartment in Houston increased by 10.6 percent. But a lot more units got snatched up in H-town as 33,451 units were absorbed.
As the figures seem to indicate – and the ApartmentData.com report confirms – Austin’s multifamily supply is smaller with 260,623 units in 1,100 communities. Houston has a much larger inventory of apartments – 696,883 units – spread among 2,954 projects.
Sept. 30, 2021 Realty News Report Copyright 2021
For more about Texas real estate, check out the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins. Available on Amazon http://tiny.cc/4a2g6y
Houston 2020 Ebook version https://tinyurl.com/4xm7z8b5
Image: courtesy Cushman & Wakefield.
File: Comunidad Partners Acquires Apartments