RockFarmer buys 210-unit multifamily development in Austin

RockFarmer has bought another property in the Austin area as it builds its Texas portfolio.

The New York-based development and investment firm said April 25 that it purchased a 210-unit apartment complex called Sofia for an undisclosed price. The property is southeast of downtown Austin in the East Riverside neighborhood at 2201 Willow Creek Drive.

The purchase marks the third venture for RockFarmer in the Austin market and the sixth in Texas. The firm plans to buy more properties in Austin, San Antonio and Dallas-Fort Worth, according to a release. RockFarmer’s purchase also underscores the demand for housing in the Texas capital as people and companies relocate to the metropolitan area.

RockFarmer purchased two other multifamily properties in Austin last year — SoNa Apartment Homes with 164 units and Enclave at Waters Edge with 184. The Sofia apartment complex is located in a popular pocket near downtown Austin where condo developer Pearlstone Partners is planning a 300-unit project. The firm announced today that it secured financing to purchase the development site, nearby RockFarmer’s new property.

“We are big believers in the East Riverside sub-market, which will continue to transform into a first-class, 24-7 mixed-use neighborhood,” John Petras, principal of RockFarmer Properties, said in a statement. “Any time you can acquire an asset with such close proximity to one of the most vibrant cities in the country, we will be bullish.”

RockFarmer purchased the development from Lion Real Estate Group and Marble Partners.

Jim Young and Chase Easley of Newmark represented the buyer and the seller. Matt Greer and Andrew Wilson of Newmark arranged the debt financing on behalf of RockFarmer.

RockFarmer has developed, acquired, renovated and sold more than 75 residential and commercial properties in the country totaling more than $2 billion, according to the release. The firm said it has acquired or sold more than $300 million in assets nationwide over the last year.

Read more

Austin

Austin evictions climb as rents soar

Texas

Austin rents jump 38% year on year, second-fastest gain in U.S.