Rockspring Capital, a privately-owned real estate investment firm based in Houston, announced today the purchase of the Notting Hill subdivision in San Antonio, Texas by one of its affiliates.
The investment was made on behalf of Rockspring Capital’s eighth fund, Growth and Income Fund No, L.P. The 108-acre land parcel is located in northeastern San Antonio, just north of Interstate 10 at the intersection of FM 1516 and Weichold Road. The company plans to invest several million more dollars in order to complete the residential development and make the subdivision’s 515 entitled residential lots ready for homebuilders.
“Well located property like this is in high demand because of the shrinking inventory of residential lots in areas like San Antonio. A number of excellent homebuilders have already approached us to start building on the land, as adjoining subdivisions are almost sold out.” said Jim McAlister IV, President and CEO of Rockspring Capital. “We expect this investment will allow our investors to quickly realize an attractive cash flow return, as we plan to sell off the finished lots to homebuilders soon.”
About Rockspring Capital
Rockspring Capital is a Houston-based land investment company founded in 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 www.rockspringcap.com.