AUSTIN, Texas, July 13, 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 SoNA Apartment Homes, a 164-residence garden-style multifamily development in Austin, Tx., for an undisclosed price.
The transaction marks RockFarmer Properties’ first foray into the Austin, Tx. multifamily market—and marks 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. RockFarmer Properties plans additional acquisitions of value-add commercial and multifamily assets across the Dallas-Fort Worth, Austin and San Antonio, Texas markets.
“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. 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.
“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.”
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. 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.
“We believe the fundamentals of the Austin market will remain strong for years to come as Austin’s Silicon Hills tech corridor continues to see positive growth in population, corporate relocations, employment and rents,” said George Michelis, Principal of RockFarmer Properties.
For more information regarding RockFarmer Properties’ future acquisitions, or to express interest in the company’s future investment opportunities, please contact Brian Getzler, Vice President of Acquisitions at RockFarmer Properties, at 718.229.4488 x1900.
About SoNA Apartment Homes
Located within Austin’s Silicon Hills between Hwy. 193, the MoPac Expressway and SH 45 in Austin, Tx., SoNA Apartment Homes features one- and two-bedroom residences—including 40 two-story townhome units—across 8.23 acres. Residences feature spacious floorplans, woodburning fireplaces, stainless steel appliances, w/d hook ups, custom wood cabinets and private patios or balconies. Built in 1985, SoNA’s community amenities include a resort-style swimming pool with an expansive sundeck, outdoor grill stations, picnic areas and beautifully landscaped grounds. The clubhouse features a lounge area with fireplace, business center, and coffee bar. Residents also enjoy access to the lighted tennis court, walking trails and a fenced-in Bark Park.
To download and view high resolution images of SoNA Apartment Homes, please click this link: https://www.dropbox.com/sh/muwflqjv1nca9x6/AACSV_24mG_Ov-OnHofLDOGia?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
Contact:
Greg McGunagle, Transmitter
212.967.1449
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a121f2e7-d323-4e5c-b47e-daaf888b9cff