AUSTIN – (Realty News Report) – Comunidad Partners has acquired The Plaza at Windsor Hills, a 200-unit apartment community in Austin.
John Carr and Ben Fuller of Cushman & Wakefield represented the seller, One Real Estate Investment, in the transaction. Comunidad Partners purchased the property through its fully discretionary fund, which focuses on acquiring workforce housing across the Sunbelt.
“As Austin returns to pre-pandemic employment levels, particularly within blue-collar and service industries, well-located workforce assets with strong access to downtown will continue to benefit from the rebound,” Carr said.
Built in 1983, The Plaza at Windsor Hills is located at 9601 Middle Fiskville Road near Interstate 35 in North Austin. The property recently received capital improvements that upgraded building exteriors and common areas. Resident 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 across the property, capitalizing on a well-maintained asset in one of Austin’s remaining affordable infill locations,” Fuller added.
Cushman & Wakefield reported that its Sunbelt Multifamily Advisory Group ranked No. 1 in Sunbelt market share based on more than 250 transactions and $6.2 billion in multifamily and land investment sales in 2020, according to Real Capital Analytics. Market share reflects the number of sales across Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.
The multifamily market remains strong in Texas, including Austin and Houston.
Comparing Austin and Houston: both cities show improvements in rent and occupancy. ApartmentData.com reports 91.9 percent occupancy in Austin’s multifamily stock and 91.7 percent occupancy in Houston.
Average monthly rent in Houston is $1,155, while Austin’s average is $1,516. Those averages correspond to roughly similar unit sizes: about 887 square feet in Houston and 886 square feet in Austin.
ApartmentData.com also reports that Austin’s rental rates rose 20.9 percent over the past 12 months, with 18,587 units absorbed. During the same period, leasing rates in Houston increased 10.6 percent, and 33,451 units were absorbed.
Those figures reflect differences in inventory: Austin’s multifamily supply is smaller, with about 260,623 units in roughly 1,100 communities. Houston’s inventory is significantly larger, with approximately 696,883 units across 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
Houston 2020 Ebook version
Image: courtesy Cushman & Wakefield.
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