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Recent Land Deal Delivers Exceptional Return

Posted by: In: Newsletter 25 Jul 2013 Comments: 0

By Michael Ross

Senior Vice President, Asset Management & Entitlements

Rockspring Capital is excited to announce that it has either sold or put under contract more than $60,000,000 of inventory in the last 60 days at terrific pricing. One recent key transaction was the sale of Rockspring’s remaining property in the White Wing subdivision in New Braunfels, Texas, which delivered an unlevered IRR of 63.2 percent to its fund. Rockspring was originally able to analyze and act on this distressed asset more than 15 months ago when other market players were still trying to come to grips with the severe downturn and then turning of the U.S. economy.

The White Wing asset was a partially developed single-family residential property, consisting of 48 lots and approximately 17 acres of future lots. Working closely with its expert acquisition team in this San Antonio sub-market, Rockspring identified and closed on the asset within 20 days of its initial presentation to the Rockspring Capital Investment Committee. Rockspring then used its network of contacts to find a buyer, leading to a sale of 46 lots to Meritage Homes in May of 2012. Meritage closed on the remaining acreage in May of 2013, highlighting Rockspring’s ability to deliver liquidity in raw land real estate transactions.

Rockspring Capital continues to scour the state for opportunities that deliver outstanding returns in an ever-changing market. Rockspring’s unique expertise and ability to react quickly with all-cash acquisitions give it a competitive advantage in this complex, unsettled marketplace.

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