Rockspring, a Houston-based developer, has been strategically acquiring parcels in the Tobin Hill area of San Antonio using its Opportunity Fund. The company plans to build up to 900 apartments on these properties at a cost of $13.3 million for the 15 parcels. In addition, Rockspring received approval from the San Antonio City Council for a zoning change that will allow them not only to construct the apartment complex but also add a hotel.
According to reports from ConnectCRE and The San Antonio Business Journal, Rockspring has already obtained demolition permits for several structures between St. Mary’s Strip and Pearl as part of their development plan.
The project is being funded by Rockspring Opportunity Fund IV which focuses on identifying real estate opportunities with potential value-add within Houston-Woodlands and Austin-San Antonio metropolitan areas. Through entitlements, planning activities and horizontal development strategies, this fund aims to increase property values in these regions.
In summary:
Houston-based developer Rockspring is utilizing its Opportunity Fund in Tobin Hill area of San Antonio to acquire land for an apartment project consisting of up to 900 units at a cost of $13.3 million across 15 parcels.The city council approved zoning changes allowing not just apartments but also adding hotel facilities.
Rockspring has secured demolition permits as part clearing way between St.Mary’s Strip & Pearl.
Funding comes through their Real Estate Opportunities-focused fourth fund targeting value-added investments within Houston-Woodlands & Austin-SanAntonio metro areas via entitlements/planning/development strategies with aim towards increasing property values there
