By Michael Ross, Vice President, Asset Management & Entitlements
Rockspring Capital ended 2015 with two very strong property purchases in booming Austin and Houston submarkets.
The first acquisition is our second tract in the city of Leander, Texas, located just north of Austin. The 19.7-acre lot will be sold in multiple parcels over the next few years as the area continues to grow. The asset is located at the northeast corner 183A and Crystal Falls Parkway, in close range of multiple schools, office complexes and shopping centers.
We are also proud to announce the acquisition of a 5-acre property, which has a small, older apartment community currently on the site, located just north of the Galleria neighborhood in Houston. The plan for this covered land play is to sell the property to a developer who will tear down the buildings and redevelop to meet the rising demand for higher-end single-family residences.
These properties are a great example of the expertise, quality and quick turn potential that Rockspring’s portfolio offers to its investing partners. We look forward to even more successful acquisitions in the near future.