HOUSTON–Rockspring Capital, a privately owned real estate investment firm based in Houston, has acquired a 28.44-acre site in the northwest Austin submarket of Leander.

The site is off Old FM 2243, just west of US 183, and is centered between several single-family and commercial developments within the Leander Independent School District. The lot is a prime location for a multifamily development with commercial fronting.

“Leander is a great community that is growing rapidly and we hope that this is the first of many acquisitions in the area,” Michael Ross, vice president of asset management and entitlement for Rockspring, told GlobeSt.com. “As a team, we are very excited to own this excellent property in the Leander market.”

“According to U.S. Census data, Leander has more than tripled in size in the last 15 years. This is a result of Austin's booming economy,” says Jim McAlister IV, president and CEO of Rockspring. “This exponential population growth is driving up the demand for family homes and apartments, making this property an attractive investment.”  

Old FM 2243 will expand from two to four lanes next year, which will make the already-popular corridor one of the most-traveled in the area. Adjacent to the recently purchased property is a 350-acre plot, which will soon hold 1,000 single-family homes.

“The new homes being developed, along with all the local commercial businesses, complement our property very well as it adds more variety for current and the influx of new residents,” McAlister says. “We're looking forward to the returns this investment will bring our partners.”