Rockspring Capital, a privately-owned real estate investment firm based in Houston, today announced the sale of the remaining residential lots of the Whitewing property in New Braunfels, Texas. The sale was made by a wholly owned subsidiary of Rockspring Capital’s Opportunity Land Fund No. 7, L.P., and this sale, along with the previous sale of the lots in such property, will generate more than a 50 percent internal rate of return to the Fund on this investment.
The lots, located near the intersection of Seguin Avenue and Klein Road, were first purchased in January 2012. Four months later, the firm sold about half the lots to a national homebuilder and just recently closed on the remaining lots to the same buyer.
“The booming Texas economy and population growth is driving the demand for residential lots to its highest level in years,” said Jim McAlister IV, President and CEO of Rockspring Capital. “Our local market expertise and all-cash strategy allowed us to quickly purchase the property and then turn right around and patiently sell to the right end user buyer for substantial returns to our partners.”
About Rockspring Capital
Rockspring Capital is a Houston-based real estate investment firm with a history of investing since 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.