HOUSTON--Rockspring Capital has acquired a 157-acre site in the Houston submarket of Katy.

The tract, targeted for single-family residential, is located off of Katy Hockley Road, just north of FM 529. The property is adjacent to the 2,705-acre Newland Communities site, and is within the Katy Independent School District, which grew by 2,000 students alone this year.

“According to the U.S. census data, Katy's population has increased 30 percent since 2000,” says Jim McAlister IV, president and CEO of Rockspring Capital. “As families continue to relocate to Houston because of its job opportunities, they're finding Katy an ideal place to buy a home because of the affordable pricing, close proximity to the city and highly-praised school district. These factors are continuing to push the demand for residential lots in this area skyward.”

The property is nearby North Cypress Medical Center and the Houston Premium Outlets. Less than five miles northeast is the 11,400-acre master planned community, Bridgeland, which includes dining, retail, medical offices and employment.

Last month, the firm announced the acquisition of another Houston-area property -- one is located inside the city's inner loop.

“Our strategy is to purchase properties spanning across the inner-cities of Texas' major markets as well as their submarkets,” McAlister says. “This helps to diversify our portfolio and broaden our exit opportunities, which is something our investment partners truly value.”