Rockspring Capital, a privately-owned real estate investment firm based in Houston, announced today the purchase of 117 finished or fully entitled residential lots in New Braunfels, Texas by one of its affiliates.
The investment was made on behalf of Rockspring Capital’s seventh fund, Opportunity Land Fund No. 7, L.P. The nearly 40-acre land parcel containing the residential lots is located near the intersection of Seguin Avenue and Klein Road. The company will invest an additional $700,000 to complete the second phase of residential development, which will make the lots ready for homebuilders.
“Residential lots are in scarce supply and high demand throughout Texas. Yet, we were able to secure this deal because of our proven local land market expertise and the fact that the transaction was in all cash.” said Jim McAlister IV, President and CEO of Rockspring Capital. “This investment will allow our investors to realize a cash flow return soon, as we are already in discussions with a number of excellent homebuilders that desire to acquire lots from us to commence building immediately.”
About Rockspring Capital
Rockspring Capital is a Houston-based land investment company founded in 1973, whose strategy is to acquire 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 with all cash in markets within the “Texas Triangle” – Houston, Austin, San Antonio and Dallas/Ft. Worth. For more information about Rockspring Capital, visit www.rockspring.com.