Rockspring Capital Buys 16-Acre Multifamily Tract Near San Antonio
Rockspring Capital, a privately-owned real estate investment firm and Reg D fund sponsor, purchased a 16.9-acre multifamily tract in New Braunfels, Texas, a submarket near San Antonio. The company paid $2.02 million, or $2.75 per-square-foot, for the property in a joint venture with other Rockspring funds.
“New Braunfels had the second fastest growing population in the U.S. last year, making it a highly sought after suburb for commercial and residential developers,” said Jim McAlister IV, president and CEO of Rockspring Capital. “The property is near one of the main roadway arteries of Texas and has popular nearby attractions, making it an excellent location for multifamily renters.”
The property is located near the intersection of Interstate Highway 35 and FM 306, an area with a high concentration of retail and food establishments. Comparable homebuilder sales in the area have sold for between $5.50 and $6.00 per-square-foot. Rockspring Capital noted that it plans to exit the property in the next couple years.
In other Rockspring news, the company recently purchased a 10-acre housing tract in Houston, as reported by The DI Wire earlier this month.
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.
