Houston-based, privately owned real estate firm, Rockspring Capital has announced the purchase of 117 residential lots in New Braunfels, Texas, by one of its affiliates.
Rockspring is a land investment company that plans to buy more land, like the lots in New Braunfels, in high growth areas.
The lots are located near the intersection of Seguin Avenue and Klein Road on approximately 40 acres of land.
“Residential lots are in scarce supply and high demand throughout Texas. Yet, we were able to secure this deal because of our proven local land market expertise and the fact that the transaction was in all cash.” said Jim McAlister IV, President and CEO of Rockspring Capital. “This investment will allow our investors to realize a cash flow return soon, as we are already in discussions with a number of excellent homebuilders that desire to acquire lots from us to commence building immediately.”
Rockspring is currently working hard to prepare the lots for homebuilders. A subdivision community is planned to go up on the lots under the name White Wing. The homes will be in the $150,000 plus range.