RockFarmer Properties, a privately held, fully integrated vertical development and investment firm based in New York City, is pleased to announce the acquisition of Sofia, a 210-residence garden-style multifamily development located at 2201 Willow Creek Dr. in Austin, Texas for an undisclosed price.
This transaction marks RockFarmer Properties’ third venture into the Austin multifamily market – and the sixth Texas acquisition made by RockFarmer’s recently launched “Opportunity Fund V.” In 2021, the company purchased two garden-style multifamily rental communities in Austin—SoNa Apartment Homes and Enclave at Waters Edge—boasting 164 and 184 units, respectively.
RockFarmer Properties plans additional acquisitions of value-add commercial and multi-family assets across the Dallas-Fort Worth, Austin and San Antonio, Texas, markets moving forward. In the last 12 months, RockFarmer has acquired or sold more than $300 million in assets nationwide.
“We are big believers in the East Riverside sub-market, which will continue to transform in to a first-class, 24-7 mixed-use neighborhood,” said John Petras, Principal of RockFarmer Properties. “Any time you can acquire an asset with such close proximity to one of the most vibrant cities in the country, we will be bullish.”
““We are thrilled to have acquired yet another significant, high-quality multifamily community in the Austin area, and look forward to adding renovations and improvements to the property to bring it in line with other market-rate rental properties in the area as soon as possible,” said Brian Getzler, Executive Vice President and Head of Acquisitions at RockFarmer Properties. “RockFarmer Properties remains bullish on value-add multifamily developments located in major Texas metropolitan communities.”
Jim Young and Chase Easley of Newmark represented the buyer, RockFarmer Properties, and the seller, Lion Real Estate Group, in the transaction. Matt Greer and Andrew Wilson of Newmark arranged the debt financing—provided by Bridge Investment Group—on behalf of RockFarmer Properties.
RockFarmer Properties plans to add significant value to Sofia through a re-branding as well as 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 75 transformative residential and commercial properties across New York and the Sun Belt states totaling more than $2B.
About Sofia Apartments
Sofia is a 210-unit, 151,875-rentable-square-foot garden style multifamily rental property located in Austin, Texas. The community, which is presently over 94 percent occupied, was built in two phases, starting in 1973 and 1983, respectively. Amenities include a swimming pool; fitness center; BBQ and picnic area; a recently renovated clubhouse with business center; a lighted basketball, tennis, and volleyball court; playground, fenced-in dog park and on-site laundry facilities. The community offers a unique mix of one- and two-bedroom floorplans with private balconies and patios and boasts an impressive average unit size of 723 square feet.
