New York-based RockFarmer Properties is expanding its presence in the Texas tenement market.
The development and investment company partnered with Wildhorn Capital, an Austin, Texas-based apartment building operator, to acquire SoNA Apartment Homes, a garden-style apartment complex with 164 residences. The sale price was not disclosed.
The company joins a slew of investors targeting Austin, the nation’s fastest growing metropolitan area. According to the latest figures from the US Census Bureau, Austin’s population has increased to about 2,295,303 as of last July, up three percent from the previous year.
In recent weeks, the demographic boom has attracted investors including One Real Estate Investment and Ivanhoé Cambridge, while newly opened Bridge Investment Group is building a 483-unit apartment complex in a joint venture with San Francisco-based Legacy Partners.
The SoNa Apartments acquisition marks RockFarmer’s first foray into the Austin tenement market and the third tenement acquisition by the newly formed RockFarmer Opportunity Fund V. In June 2021, the company acquired two adjacent garden-style gated tenements – 98Fifty and Apex – in Dallas. state of Texas.
Austin continues to see explosive growth as people across the country migrate to southern cities with high employment opportunities. We believe that multi-family homes like SoNA have great growth potential and look forward to implementing meaningful property upgrades and improvements, ”said Brian Getzler, vice president of purchasing at RockFarmer Properties.
“RockFarmer hopes to acquire additional value-added properties in the Dallas-Fort Worth, Austin and San Antonio markets within 2021 following the launch of our newest fund.”
RockFarmer Properties plans to significantly add value to SoNA through timely interior renovations, while improving property’s public amenities and common areas.
“We are thrilled to be teaming up with Wildhorn Capital – an incredible owner / operator in the Austin market – for the acquisition of SoNA,” said John Petras, director of RockFarmer Properties. “We look forward to our common success.”
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