HOUSTON – Rockspring Capital, a privately-owned real estate investment firm based in Houston, today announced its purchase of a 10.26-acre tract, a covered land play, in the western suburbs of Houston. The company purchased it in a joint venture with other Rockspring funds.
“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.”
The property is located off of Brittmoore Rd., near the intersection of I-10 and the 26-lane Beltway 8, the world’s widest freeway. It’s a highly transitional area in Houston that is seeing the removal of older, industrial buildings to make space for newer, high-density residential properties. Potential uses for the property include townhomes, patio homes, apartments, and more.