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RockFarmer Properties Increases Stake in Austin Market with Acquisition of 184-Unit Rental Property

·3 min read

NYC-Based Firm Teams Up Again with Austin-based Operator Wildhorn Capital to Acquire Enclave at Waters Edge Apartment Homes; Plans Additional Acquisitions of Value-Add Commercial and Multifamily Assets Across Texas

Enclave at Waters Edge - RockFarmer Properties

Enclave at Waters Edge - RockFarmer Properties
Enclave at Waters Edge - RockFarmer Properties
Enclave at Waters Edge - RockFarmer Properties

AUSTIN, Texas., Oct. 18, 2021 (GLOBE NEWSWIRE) -- 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 – are pleased to announce 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.”

For more information regarding RockFarmer Properties’ future acquisitions, or to express interest in the company’s future investment opportunities, please contact Brian Getzler, Executive Vice President of Acquisitions at RockFarmer Properties, at 718.229.4488 x1900.

About Enclave at Waters Edge
Located on the doorstep of the Domain – off Metric Boulevard just south of Parmer Lane – Enclave at Waters Edge is a 184-unit asset built in 1986. The property features 6 different floor plans consisting of studio, one bedroom and two bedroom residences situated on 6.62 acres. Residences feature ceiling fans, hardwood moldings, faux wood and carpet flooring, w/d connections, patio/balcony, wood burning fireplace, dishwasher, disposal, and oversized walk-in closets. Enclave at Waters Edge’s community amenities include 3 swimming pools, dog park, fitness center, outdoor lounge, 2 built-in outdoor grills, Amazon package locker, game room and fire pit. Residents also enjoy the adjacent Walnut Creek Park/Trail.

To download and view high resolution images of Enclave at Waters Edge, please click this link: https://www.dropbox.com/sh/vky1pl57wnwragj/AAD11_7RZHSs4mTaLzn1ShgWa?dl=0

RockFarmer Properties is a privately owned fully integrated vertical development and investment firm based in New York City. Founded by George Michelis and John Petras, the company has successfully executed the development, acquisition, renovation and repositioning of more than 40 transformative residential and commercial properties across New York’s most diverse neighborhoods. For more information, please visit rockfarmerproperties.com

A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/2c3934a0-53aa-4dbd-a324-588dd024e05a