fraccionamiento

Etymology
From fraccionar, since one or more terrains are divided to build on them houses and/or apartment buildings.

Noun

 * 1)  a kind of neighbourhood

Usage notes

 * In Central and Northern Mexico, "fraccionamiento" applies if houses or apartment buildings are similar in style and in year built, especially when all (or most) of the community was planned or built by the same constructor; otherwise, "colonia" applies; very seldom in the Valley of Mexico and surroundings.
 * Usually shortened and capitalized as "Fracc." in addresses, where it has postal value and is obligatory (or colonia, or barrio), alongside of postal code (zip code).