Comunidad Realty Partners ("CRP") is an experienced multifamily operator in the Texas market. CRP's current portfolio includes over 3,000 apartment units located in Texas (San Antonio, Austin, Dallas, Houston, Carrollton and Irving) with a total market value of approximately $150 million.
Comunidad Realty Partners is a dynamic real estate investment firm specializing in multifamily apartment communities in densely-populated Hispanic neighborhoods. The core to its investment strategy is creating culturally-relevant, inclusive communities that are tailored to the various ethnicities living at its communities. The company specializes in acquiring and repositioning apartments in infill locations and implementing its proprietary cultural management platform, which includes specific cultural upgrades and community-oriented resident services and programs. CRP uses its multifamily lifestyle brand “Buena Vida Community” at its properties to represent its mission of delivering an unparalleled experience of enhanced multifamily living by providing more than just a home but a lifestyle.
The firm was founded on a simple principle - enrich lives through enhancing communities while creating value for all stakeholders involved. The firm takes a holistic approach to its investments through symbiotic stakeholder integration of residents, staff, vendors, the greater community, the environment, and investors in order to truly maximize economic and social returns. Its investment philosophy is predicated on fostering innovative lifestyle improvements that align with its residents wants and needs and differentiate the living experience in order to create long-term value for residents and communities in a socially responsible way. In addition, the firm is focused on “green” environmental improvements that reduce its properties’ energy footprint while reducing utility costs for residents.
Comunidad Realty Partners invests in workforce housing assets that can create valuable lifestyle opportunities for its working class residents and serve as a vehicle for social impact and environmental sustainability. CRP’s core strategy is to reposition underperforming properties into performing ones by:
- Improving the condition and energy efficiency of the physical property
- Employing institutional management strategies that will enhance property operations
- Incorporating cultural strategies that make the property relevant to its residents
CRP has an investment strategy that focuses on the middle of the apartment market sector and invests in workforce housing assets. With institutional investors focused primarily on the upper segment and federal policymakers on the lower, workforce housing in the middle of the rental housing pack comprises 70.5% of national multifamily housing stock and has gone largely untapped by professional operators in relation to the overall market representing an opportunity to take advantage of the inefficiencies that exist within this segment of the market and paving a way for professional management to carve a niche in an otherwise commoditized, homogeneous market of workforce multifamily properties.
CRP’s investment strategy is predicated on creating culturally-relevant communities that cater to the ethnic makeup of its properties. The company specializes in acquiring and repositioning apartments in infill locations and implementing its proprietary cultural management platform, which includes specific cultural upgrades and community-oriented resident services and programs. The firm has particular expertise and an extensive background within the Hispanic marketplace, which enables it to uniquely tailor aspects of its product and service offering to the cultural idiosyncrasies and nuances of the growing Hispanic demographic. The firm is also proud of its many products and services that are culturally specific to African-American, Asian, Middle Eastern, and other ethnicities living within its communities and that support its mission of providing all-inclusive, tailored workforce housing. This targeted approach to providing a relevant living experience enables CRP’s properties to provide a differentiated product in the marketplace and more than just a home but a lifestyle. As a result, this approach greatly promotes community, improves resident satisfaction, and increases resident retention. From an investment standpoint, these unique operational dynamics translate into consistency of cash flows and certainty of income with less investment volatility while improving dividend stability.
| Address: | 301 Fair Oaks Blvd Euless, TX 76039 |
| Submarket: | Hurst-Euless-Bedford |
| Year Built: | 1979 |
| Current Occupancy: | 91% |
| Number of Units: | 208 units |
| Net Rentable Area: | 166,432 square feet |
| Buildings: | 13 two-story buildings |
| Parking: | 445 total spaces |
| In Place Rent Per Unit: | $697 |
| Effective Rent Per Square Foot: | $0.87 |
| UNIT TYPE | TOTAL UNITS |
UNIT SF | TOTAL SF | IN PLACE RENTS |
PSF |
|---|---|---|---|---|---|
| 1 x 1 | 32 | 504 | 16,128 | $573 | $1.14 |
| 1 x 1 | 64 | 700 | 44,800 | $617 | $0.88 |
| 2 x 2 | 56 | 880 | 49,280 | $736 | $0.84 |
| 2 x 2 | 56 | 1,004 | 56,224 | $819 | $0.82 |
| TOTAL/AVG | 208 | 800 | 166,432 | $697 | $0.87 |
Property Highlights
- The Property has been institutionally owned for over 10 years, with $200,000 being spent in the last two years on exterior upgrades, including roof replacement and less than $25K in deferred maintenance.
- The Property is located within walking distance to an Albertson's supermarket, a Kroger grocery store and other retail amenities.
- The Property is proximate to employment centers such as the Dallas/Fort Worth International Airport, the Harris Methodist Hospital, and the Great Southwest Industrial Park, one of the largest industrial submarkets in Texas with over 68 million SF of industrial facilities.
- The Property lies within the The Hurst-Euless-Bedford Independent School District, which enrolls more than 22,000 students, an 8% growth over the last five years, and employs more than 1,300 teachers. Residents of The Lodge at Main enjoy walkability to the adjacent, highly rated, North Euless Elementary, and close proximity to both Euless Junior High School and Trinity High School.
- Amenities at the Property consist of a pool, sports court, business center, picnic areas with BBQ grills and a playground.
- The Property is located in close proximity to multiple major DFW transportation routes such as SH-360, SH-121, SH-183 and SH-114.
- The Property is located centrally in the Mid-Cities area of DFW approximately 30 minutes from Dallas, 25 minutes from Fort Worth, and 15 minutes from either Arlington or Irving.
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