Rockspring Capital (the “Company”) announced today that on June 30, 2010, the Company acquired a 1,767-acre tract of land on Highway 16 in northwest San Antonio, Texas. The transaction closed in 23 days from signing of purchase contract and closed with all cash.
The bank foreclosed on the property and sold on the condition that the Company closed by the end of the second quarter of 2010. The acquisition was more than a 60% discount to 2007 appraisal value.The Company acquired the land in a joint venture between two funds that it sponsors, JM Texas Land Fund No. 6, LP and Opportunity Land Fund No. 7, L.P.
“We are extremely excited with our recent acquisition as it fits perfectly with our investment strategy of acquiring opportunistic land sites quickly and with all cash” said Jim McAlister IV, President and CEO of Rockspring Capital. “We are seeing generational buying opportunities as most investors can’t access debt or capital markets. We feel confident that our company is very well positioned for these times,” he continued.
About Rockspring Capital
The Company is a second-generation real estate investment management firm. Rockspring’s investment strategy is to acquire opportunistic developed residential lots in desirable communities and in-fill land parcels in high growth areas. The Company acquires land with all cash through a fund structure designed to provide its investors diversification through product, location and investment size mix. Core markets are within the “Texas Triangle” of the Houston, Austin, San Antonio and Dallas/Ft. Worth greater metropolitan areas. The company is now raising capital for its seventh fund – Opportunity Land Fund No. 7, L.P., which will be capped at $100 million.