Rockspring Capital, a privately-owned real estate investment firm based in Houston, announced today the quick sale of 46 of the 117 finished or fully entitled residential lots in New Braunfels, Texas, by one of its affiliates. The property was acquired just four months ago in January.
The sale was made on behalf of Rockspring Capital’s seventh fund, Opportunity Land Fund No. 7, L.P. The residential lots are located near the intersection of Seguin Avenue and Klein Road. In addition, they also signed a binding Purchase and Sale Agreement for the remaining 71 residential lots which are scheduled to close in February 2013.
“This transaction is yet another testament to the success of combining Rockspring Capital’s cash acquisition strategy with our unique local market expertise,” said Jim McAlister IV, President and CEO of Rockspring Capital. “Residential lots are in scarce supply and high demand throughout Texas, but we were able to identify and seize this opportunity well before the competition in order to reward our investors.”
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.