Rockspring Capital Buys 10-Acre Tract in Houston
Rockspring Capital, a privately-owned real estate investment firm and Reg D fund sponsor, purchased a 10.3-acre tract in the western suburbs of Houston. The company paid nearly $5.4 million, or $12.00 per square-foot, in a joint venture with other Rockspring funds.
“We’re very excited for our partners that participated in this covered land play purchase because of its upside potential,” said Jim McAlister IV, president and CEO of Rockspring Capital. “The area is already seeing higher psf values paid by single-family home builders because of the demand for more urban residential uses. Our plan is to exit the property in the next few years.”
The property is located off Brittmoore Rd, near the intersection of Interstate 10 and the 26-lane Beltway 8. Rockspring said that the area is in a transition period where older industrial buildings are being removed to make space for newer high-density residential properties. Potential uses for the property include townhomes, patio homes, apartments, and more. Comparable homebuilder sales in the area have resulted in $24.50 to $36.00 psf.
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.
