AUSTIN, TX - RockFarmer Properties, a privately held, fully integrated vertical development and investment firm based in New York City and Wildhorn Capital, an Austin, TX-based multifamily operator, announced the acquisition of Enclave at Waters Edge, a 184-residence multifamily development located at 12330 Metric Blvd in Austin, TX, for an undisclosed price.
This transaction marks RockFarmer Properties’ second venture into the Austin, TX, multifamily market – and marks the fourth acquisition made by RockFarmer’s recently launched “Opportunity Fund V.” Previously, in July, 2021, the company purchased SoNA Apartment Homes, a garden-style multi-family rental community in Austin, TX.
RockFarmer Properties plans additional acquisitions of value-add commercial and multi-family assets across the Dallas-Fort Worth, Austin and San Antonio, TX, markets. In the last 6 months, RockFarmer has acquired or sold more than $250 million in assets nationwide.
“With major tech companies opening or relocating offices in Austin, the city is experiencing meteoric growth. Austin’s ample opportunities for employment attract people from across the country. We are bullish on value-add multifamily developments located in cities experiencing continued growth like Austin,” said Brian Getzler, Executive Vice President and Head of Acquisitions at RockFarmer Properties.
Newmark Knight Frank represented the buyer and the seller in this transaction. The firm also helped secure financing for the acquisition on RockFarmer’s behalf.
“We are delighted to team up with Wildhorn Capital again – an incredible owner/operator in the Austin market – on the acquisition of Enclave at Waters Edge,” said George Michelis, Principal of RockFarmer Properties. “We look forward to continued success.”
RockFarmer Properties plans to add significant value to Enclave at Waters Edge through timely unit renovations and enhancements to the community wide amenities and common areas of the property. To date, RockFarmer Properties has successfully executed the development, acquisition, renovation, repositioning and sale of more than 70 transformative residential and commercial properties across New York and the Sun Belt states totaling more than $2B.
“Enclave at Waters Edge is a well-located rental community with a lot of upside potential. We find such properties to be excellent investments,” 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 for the foreseeable future.”