New York-based RockFarmer Properties is expanding its footprint in the Texas multifamily market.
The development and investment firm has partnered with Wildhorn Capital, an Austin, TX-based multifamily operator to acquire SoNA Apartment Homes, a 164-residence garden-style multifamily development. The sale price was undisclosed.
The company joins a slew of investors zeroing in on Austin, the fastest growing big metropolitan city in the country. According to most recent U.S. Census Bureau figures, Austin’s population increased to an estimated 2,295,303 people as of last July, a three percent increase from the previous year.
The population boom has attracted investors including One Real Estate Investment and Ivanhoé Cambridge in recent weeks while the newly-public Bridge Investment Group is building a 483-unit apartment community in a joint venture with San Francisco-based Legacy Partners.
The acquisition of SoNa Apartments marks RockFarmer’s first foray into the Austin multifamily market—and the third multifamily acquisition made by RockFarmer’s recently launched Opportunity Fund V. In June 2021, the company purchased two adjacent gated garden-style multifamily rental communities—98Fifty and Apex—in Dallas, Texas.
“Austin continues to see explosive growth as people nationwide migrate to southern cities with ample opportunities for employment. We believe there is great upside potential for multifamily developments like SoNA, and look forward to implementing meaningful upgrades and enhancements to the property,” said Brian Getzler, Vice President of Acquisitions at RockFarmer Properties.
“RockFarmer hopes to acquire additional value-add properties in the Dallas-Fort Worth, Austin and San Antonio markets throughout 2021 following the launch of our newest fund.”
RockFarmer Properties plans to add significant value to SoNA through timely unit interior renovations while enhancing the community wide amenities and common areas at the property.
“We are thrilled to team up with Wildhorn Capital—an incredible owner/operator in the Austin market—on the acquisition of SoNA,” said John Petras, principal of RockFarmer Properties. “We look forward to our shared success.”