Rockspring Capital, a privately-owned real estate investment firm based in Houston, today announced the acquisition of a 22.52-acre retail site in Austin, Texas.
The property, which was acquired at an attractive price, is located on the heavily-traveled Route 71 in the Bee Cave’s area, just 2 miles west of the Hill Country Galleria. 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 retail demand in this flourishing submarket,” said Jim McAlister, President and CEO of Rockspring Capital. “We were receiving a lot of interest from retailers even before the deal closed.”
Bee Caves plans to add more than 6,400 new homes, which will only increase the demand for the retail site. This property will serve future residents with several restaurants and banks, along with other service providers.
“We were aware of this opportunity before others and able to jump on it quickly because of our local real estate experts and all-cash model,” McAlister said. “We’re looking forward to selling off these pad sites soon which will quickly reward our investors.”
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 http://www.rockspringcap.com.