By Michael Ross
Senior Vice President, Asset Management & Entitlements
Rockspring Capital continues to find opportunities. Our seventh fund recently closed with the purchase of a 10-acre commercial corner in the bustling Brazos Town Center project in Rosenberg, Texas. Rosenberg is a rapidly growing bedroom community south of Houston. Its growth is expected to continue as the massive bridge expansion over the Brazos River has shortened the commute time to Houston area business centers dramatically. The property is strategically located at the intersection of Brazos Town Center Blvd. and FM 2218, both of which bring the important going home traffic by this future strip retail/office warehouse property. Rockspring’s strategy of patient aggression was rewarded when the owner of the property decided to liquidate after turning down much higher offers during the mid 2000s before the recession eroded consumer confidence.
Rockspring also recently acquired a 108-acre residential development tract on the North East side of San Antonio. With an ever tightening supply of developed lots, builders are becoming more aggressive with their acquisitions. Rockspring’s team, leveraging its real estate expertise and contacts built over the years, was able to find the partially developed property and analyze its market potential quickly and quietly. Before others could act, Rockspring was able to finish the feasibility analysis and close with cash on this property, which was about to go bankrupt. The seller had several other properties and Rockspring cherry picked the cream of the crop allowing the seller to hold off the banks on his other holdings. Rockspring has started to develop the first phases of the 515 lot project. The initial construction plans are with the city of San Antonio waiting for final approval and these highly desired lots should be on the ground in the third quarter of 2013.
Rockspring is very excited about these two projects and looks forward to them rewarding our investors.