Rockspring, a Houston-based developer, has been strategically acquiring parcels in the Tobin Hill area of San Antonio through its Opportunity Fund. The company plans to construct up to 900 apartments on these properties, for which they paid $13.3 million for 15 parcels. Additionally, the San Antonio City Council has approved a zoning change that will allow Rockspring to not only build the apartment complex but also include a hotel.
According to reports from ConnectCRE and the San Antonio Business Journal, Rockspring has obtained several demolition permits in order to clear space between St. Mary’s Strip and Pearl for their two projects.
The focus of Rockspring’s Opportunity Fund IV is identifying real estate opportunities with potential value-add within metropolitan statistical areas such as Houston-Woodlands and Austin-San Antonio. Through entitlements and planning activities as well as horizontal development strategies, this fund aims to increase property values.
Connect CRE also reported that this latest project by Rockspring aligns with their mission of enhancing property values through strategic investments in various markets across Texas.
