New York-based development and investment firm RockFarmer now owns three properties in Austin. It previously bought two similar garden-style multi-family rental communities, the SoNa Apartment Homes and Enclave at Waters Edge. The properties had 164 and 184 units, respectively. The latest purchase, the 210-unit Sofia community, was its sixth statewide.
RockFarmer plans to immediately start adding renovations and improvement to the units, amenities and common. areas. The company says it expects to continue adding to its holdings in the Texas metro areas, looking at commercial properties in Dallas-Fort Worth, Austin and San Antonio.
Jim Young and Chase Easley of Newmark represented the buyer, RockFarmer and the seller, Lion Real Estate Group, in the transaction.
Besides the renovations and improvements, RockFarmer plans to add value through rebranding the Sofia property, to link to the other two properties it’s purchased in the market.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.