By Anca Gagiuc, Associate Editor
Located northwest of Austin, Leander is seeing an increased development activity thanks to the flourishing business segment in Austin. This activity attracted Houston-based Rockspring Capital, a privately-owned real estate investment firm, to acquire a 28.44-acre land parcel. The price of the transaction has not been disclosed.
The site is situated off of Old FM 2243, west of US 183, nestled between several single-family properties and commercial developments, within the Leander Independent School District. The lot could become a multi-family development with retail fronting.
“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,” said Jim McAlister IV, President and CEO of Rockspring Capital. “This exponential population growth is driving up the demand for family homes and apartments, making this property an attractive investment.”
Next to the recently acquired parcel is a 350-acre plot designed to soon hold 1000 single family homes. Moreover, the Old FM 2243 will expand from two to four lanes in 2015, a fact that will make the corridor one of the most traveled ones in the area.
“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. We’re looking forward to the returns this investment will bring our partners”, concluded McAlister.