Transaction is the biggest in firm’s history
HOUSTON, June 8, 2017 – Rockspring Capital, a privately-owned real estate investment firm headquartered in Houston, today announced the sale of a 1,619-acre tract in Northwest Harris County located off of U.S. 290 and Katy Hockley Road in the outskirts of Houston. The piece was sold to leading Houston master plan community (MPC) developer Johnson Development Corp. for an undisclosed amount.
The transaction is the biggest in Rockspring’s history and is one of the largest in the Houston area since the oil slump.
“We carefully assembled the property purchasing a little more than 1000 acres in 2006 and fully completed the acquisitions in 2008. During our hold period, we solved many of the development and entitlement issues and were able to bring this property to market ready to develop,” said Michael Ross, Rockspring Capital’s Vice President, Asset Management & Entitlements. “We evaluated several offers from master plan developers in the market and were very impressed with Johnson Development’s reputation and financial backing. Making a deal this big happen takes a lot of hard work and commitment by both parties.”
The property is unique in that it has a very high potential yield with little to no mapped flood plain and nor is it significantly impacted by environmental challenges like some other properties in the market. Johnson Development has no immediate plans for development.
This tract is located in one of Houston’s fastest growing areas just minutes from the recently completed Grand Parkway. CEO of Rockspring Capital Jim McAlister added: “Houston’s economic resiliency continues to be on full display as more land is being developed into large residential communities to house Houston’s continued growing population.”
Johnson Development was represented in the acquisition by Dave Ramsey with NewQuest Properties while Rockspring Capital was represented by Chris Hutcheson, Matthew Herring and James Kadlick of McAlister Real Estate.
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.