Rockspring Capital Acquires 7-Acre Property in Houston
Rockspring Capital, a privately-owned real estate investment firm and Reg D fund sponsor, purchased a 7-acre site in Houston, Texas in a joint venture with other Rockspring funds. The purchase price was not disclosed.
Jim McAlister IV, president and CEO of Rockspring Capital explained, “We like this asset not just because it’s potential to be a covered land play that provides a net positive cash flow to our funds while we hold it, but also for its various future residential and commercial uses.”
The tract is located on Dacoma Street near the intersection of U.S. 290 and Loop 610 in the northwest part of the city. It is adjacent to theå 24-acre Brookhollow Shopping Center and can potentially be used for retail, mixed-use, townhomes, multi-family or patio homes. The firm said that it plans to exit the property in the next few years.
Rockspring Capital, a Houston-based real estate investment firm that was founded in 1973, acquires opportunistic land parcels and residential lots in high growth areas. It also makes special situation bridge loan and note purchases on land-related assets. Rockspring Capital acquires its assets in all cash deals and focuses on markets within the “Texas Triangle” – Houston, Austin, San Antonio and Dallas/Ft. Worth.
