HOUSTON – Rockspring Capital, a Houston-based, real estate investment firm, has sold its 4-acre site at the corner of Yale Street and North Loop 610 in the Garden Oaks and Greater Heights neighborhoods.
The location is situated among multiple single-family and commercial developments four miles northwest of downtown Houston.
The property itself is a redevelopment parcel, which is unique to the companies’ portfolio, said Jim McAlister IV, president and CEO of Rockspring Capital. The area, he said, will most likely be used for mid-rise apartments or mixed-use retail “that will undoubtedly contribute to the neighborhood’s growing attraction.”
“We knew the high return potential when we purchased this property seven months ago from an out-of-state seller as the surrounding neighborhoods were rapidly appreciating in value,” said McAlister. “Not only were we able to exit the property quickly at a premium price, but the existing tenant lease income provided additional cash flow to our partners during the hold period.”
Rockspring Capital has been investing in real estate since 1973. Its strategy is to acquire parcels of land and residential lots in high growth areas. The firm makes all-cash acquisitions in markets within the “Texas Triangle” – Houston, Austin, San Antonio and Dallas/Fort Worth.