New York City investment firm RockFarmer Properties continues scooping up multifamily assets in Texas. The company partnered with Austin-based Old Three Hundred Capital to purchase a student housing community in San Antonio.
The companies jointly acquired the Estates at San Antonio, a 104-unit cottage-style complex at 6515 West Hausman Road on the Northwest Side, according to a media release. The complex is near the University of Texas at San Antonio campus.
Financial details were not disclosed, but the 2022 taxable value of the property was $17 million, or $163,000 per unit, according to the Bexar County Appraisal District.
The property was built in 2010 on nearly 30 acres. It includes two-, three-, and four-bedroom units that average 1,700 square feet, with a community pool, fitness center and volleyball court.
This acquisition is RockFarmer’s first residential investment in the Alamo City and book-ends nearly $200 million in Texas multifamily holdings. The firm is putting down strong roots in Texas with nearly 1,400 units in the Lone Star State.
The company doesn’t plan on stopping its Texas spending spree anytime soon, said John Petras, principal of RockFarmer Properties.
“We plan to be an extremely active investor in value-add commercial and multifamily assets in the Austin, Dallas-Fort Worth and San Antonio, Texas metros for the foreseeable future. We are bullish on value-add multifamily developments located in cities with solid fundamentals like San Antonio,” Petras said.
Old Three Hundred Capital has also gained steam across Texas with a number of multifamily investments across Austin and San Antonio since 2020. The firm currently has over 1,700 units across 12 properties, valued at $350 million, according to its website.
Apartment renovations and amenity enhancements are planned for the San Antonio property to increase its potential sale value. RockFarmer Properties has flipped over 70 commercial and residential properties for more than $2 billion, the release stated.
Northern and southern San Antonio has seen increased growth in recent years as residents seek to enjoy rural living while still being near the city’s jobs and amenities, according to a Keller Williams Realty report. More renters have also been flocking to San Antonio as some zip codes within the city have doubled or tripled in number of renters since 2021.
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