By Michael Ross
Senior Vice President, Asset Management & Entitlements
Here at Rockspring, we pride ourselves for our level of local market knowledge and all-cash resources. These two traits are key in finding and closing on good deals before other companies do. Our latest acquisition exemplifies these traits very well.
This month, Rockspring acquired a 22.52-acre retail property in Austin, Texas, located on the heavily-traveled Route 71 in the Bee Cave’s area, 2 miles west of the Hill County Galleria. The property was acquired at an extremely attractive price, and the firm plans to invest approximately $1.4 million to enhance the property’s value further.
Austin’s booming economy and population growth is driving tremendous demand for housing, especially the submarket of Bee Caves – the area is expected to add more than 6,400 new homes over the next several years. Thus, there will be a great need for retail services in the area, such as restaurants, banks and more.
Our teams in the region were aware of the property’s potential well in advance, and because of our all-cash model, we were able to quickly purchase the property. We’ve been receiving calls from retail buyers even before the deal closed.
Now that the deal is done, our next step is to sell off the pad sites to retailers at competitive market prices, which will quickly reward our investors.
With deals like this, it’s going to be a great year for our company and investment partners!