Rockspring Capital Buys 2.9-Acres in Downtown San Antonio
Rockspring Capital, a privately-owned real estate investment firm and Reg D fund sponsor, purchased a 2.9-acre tract in San Antonio in a joint venture with other Rockspring funds. The property is located downtown near the central business district, the Alamodome and the San Antonio River Walk. The purchase price was not disclosed.
“This acquisition continues Rockspring’s strategy of investing in covered land plays, a product type that typically has leases that generate additional cash flow,” said Jim McAlister IV, president and CEO of Rockspring Capital. “This one in particular has multiple leases, which will provide a net positive cash flow for our funds until we eventually exit the deal at the opportune time.”
The site, which is located at the intersection of Cherry Street and César E. Chávez Blvd., consisted of multiple tracts with different sellers that Rockspring aggregated and closed together. 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.
