RockFarmer Properties partnered with Wildhorn Capital to acquire SoNA Apartment Homes, a 164-unit community in Austin, Texas. This is the company’s first acquisition in the market.
According to Yardi Matrix data, CWS Capital Partners was the former owner of the property. The company purchased it in 2013. Five years later, SoNa Apartments Homes became subject to an $11.8 million loan provided by Fannie Mae, data from the same provider shows.
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SoNA Apartment Homes occupies 8.2 acres in the Los Indios neighborhood and is located some 14 miles from downtown Austin. The 1985-built community at 7900 San Felipe Blvd. encompasses 16 two- and three-story buildings, with apartments ranging between 550 and 917 square feet. Floorplans include a mix of one- and two-bedrooms. All units are equipped with laundry facilities and the larger apartments feature high ceilings and fireplaces.
The new owner plans to invest into upgrades to the property’s residential and common amenities, which include a clubhouse, a tennis court, a swimming pool and 375 parking spaces.
In keeping with the company’s repositioning and resale strategy, RockFarmer Properties recently acquired two neighboring value-add properties in Dallas, adding up to 440 units to its portfolio. RockFarmer intends to continue to expand in Texas as part of its investment strategy. The company recently launched Opportunity Fund V, which targets Class B communities in Dallas-Fort Worth, Austin and San Antonio.