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RockFarmer following the crowd to fast-growing Austin
New York-based RockFarmer Properties is expanding its
footprint in the Texas multifamily market.
The development and investment firm has partnered with
Wildhorn Capital, an Austin, TX-based multifamily operator to acquire SoNA
Apartment Homes, a 164-residence garden-style multifamily development. The sale
price was undisclosed.
The company joins a slew of investors zeroing in on Austin,
the fastest growing big metropolitan city in the country. According to most
recent U.S. Census Bureau figures, Austin’s population increased to an estimated
2,295,303 people as of last July, a three percent increase from the previous
year.
The population boom has attracted investors including One
Real Estate Investment and Ivanhoé Cambridge in recent weeks while the
newly-public Bridge Investment Group is building a 483-unit apartment community
in a joint venture with San Francisco-based Legacy Partners.
The acquisition of SoNa Apartments marks RockFarmer’s first
foray into the Austin multifamily market—and the third multifamily acquisition
made by RockFarmer’s recently launched Opportunity Fund V. In June 2021, the company purchased two
adjacent gated garden-style multifamily rental communities—98Fifty and Apex—in
Dallas, Texas.
“Austin continues to see explosive growth as people nationwide
migrate to southern cities with ample opportunities for employment. We believe there is great upside potential
for multifamily developments like SoNA, and look forward to implementing
meaningful upgrades and enhancements to the property,” said Brian Getzler, Vice
President of Acquisitions at RockFarmer Properties.
“RockFarmer hopes to
acquire additional value-add properties in the Dallas-Fort Worth, Austin and
San Antonio markets throughout 2021 following the launch of our newest fund.”
RockFarmer Properties plans to add significant value to SoNA
through timely unit interior renovations while enhancing the community wide
amenities and common areas at the property.
“We are thrilled to team up with Wildhorn Capital—an
incredible owner/operator in the Austin market—on the acquisition of SoNA,”
said John Petras, principal of RockFarmer Properties. “We look forward to our shared success.”
The post RockFarmer following the crowd to fast-growing Austin appeared first on Real Estate Weekly.