HOUSTON—Two separate land plots will be instrumental in future high-density multifamily projects, with industrial giving way to one and transportation thoroughfares near the other. Both have upside potential and allow an exit strategy for the purchaser.
“Rockspring vets and acquires strategically located land throughout the Texas Triangle,” David Orr, manager–central Texas of Rockspring Capital, tells GlobeSt.com. “Rockspring will get the property development ready and sell to a developer that will use the property for multifamily.”
In the western suburbs of Houston, Rockspring Capital purchased a 10.26-acre tract, a covered land play. The company purchased it in a joint venture with other Rockspring funds.
The property is located off of Brittmoore Road, near the intersection of Interstate 10 and the 26-lane Beltway 8, the world's widest freeway. The area is highly transitional, demonstrated by the removal of older industrial buildings to make space for newer high-density residential properties. Potential uses for the property include townhomes, patio homes and apartments.
“We're very excited for our partners that participated in this covered land play purchase because of its upside potential,” said Jim McAlister IV, president and CEO of Rockspring Capital. “The area is already seeing higher values paid by single-family home builders because of the demand for more urban residential uses. Our plan is to exit the property in the next few years.”
Rockspring Capital also acquired a 16.9-acre multifamily tract in New Braunfels, TX. The company also purchased this acreage in a joint venture with other Rockspring funds and plans to exit the property in the next couple years.
“New Braunfels had the second-fastest growing population in the US last year, making it a highly sought-after suburb for commercial and residential developers,” said McAlister. “The property is near one of the main roadway arteries of Texas and has popular nearby attractions, making it an excellent location for multifamily renters.”
The acreage is located near the intersection of the highly traveled corridors of Interstate 35 and FM 306, near a commercial area and minutes from Schlitterbahn water park.
HOUSTON—Two separate land plots will be instrumental in future high-density multifamily projects, with industrial giving way to one and transportation thoroughfares near the other. Both have upside potential and allow an exit strategy for the purchaser.
“Rockspring vets and acquires strategically located land throughout the Texas Triangle,” David Orr, manager–central Texas of Rockspring Capital, tells GlobeSt.com. “Rockspring will get the property development ready and sell to a developer that will use the property for multifamily.”
In the western suburbs of Houston, Rockspring Capital purchased a 10.26-acre tract, a covered land play. The company purchased it in a joint venture with other Rockspring funds.
The property is located off of Brittmoore Road, near the intersection of Interstate 10 and the 26-lane Beltway 8, the world's widest freeway. The area is highly transitional, demonstrated by the removal of older industrial buildings to make space for newer high-density residential properties. Potential uses for the property include townhomes, patio homes and apartments.
“We're very excited for our partners that participated in this covered land play purchase because of its upside potential,” said Jim McAlister IV, president and CEO of Rockspring Capital. “The area is already seeing higher values paid by single-family home builders because of the demand for more urban residential uses. Our plan is to exit the property in the next few years.”
Rockspring Capital also acquired a 16.9-acre multifamily tract in New Braunfels, TX. The company also purchased this acreage in a joint venture with other Rockspring funds and plans to exit the property in the next couple years.
“New Braunfels had the second-fastest growing population in the US last year, making it a highly sought-after suburb for commercial and residential developers,” said McAlister. “The property is near one of the main roadway arteries of Texas and has popular nearby attractions, making it an excellent location for multifamily renters.”
The acreage is located near the intersection of the highly traveled corridors of Interstate 35 and FM 306, near a commercial area and minutes from Schlitterbahn water park.
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