RockFarmer JV Expands Austin Footprint
The 184-unit acquisition more than doubles the investors' portfolio across the metro.
Enclave at Water’s Edge. Image courtesy of RockFarmer Properties
RockFarmer Properties has acquired Enclave at Water’s Edge, a 184-unit multifamily asset in Austin, in partnership with Wildhorn Capital. The seller was Envolve. Newmark assisted both the buyer and seller. The brokerage also helped secure financing for the acquisition.
Enclave at Water’s Edge last changed hands in 2019, according to Yardi Matrix. Hamilton Zanze was the seller.
The community, completed in 1985, has six different floorplans consisting of studio, one- and two-bedroom units ranging from 444 to 970 square feet. Just south of Parmer Lane, Enclave at Water’s Edge units are equipped with fireplaces, walk-in closets and patios or balconies. The property’s amenities include three swimming pools, a dog park, a fitness center, an outdoor lounge and Amazon package lockers.
The property, located 1 mile east of the MoPac Expressway at 12330 Metric Blvd., is 12 miles north of downtown Austin. The community is 1 mile east of St. David’s North Austin Medical Center and 3 miles northeast of The Domain, a 1.2 million-square-foot shopping mall.
Set on Austin
RockFarmer Properties intends to renovate the community and enhance its amenities. This strategy falls in line with its value-add plans in high-growth markets, according to Brian Getzler, executive vice president & head of acquisitions at RockFarmer Properties.
This transaction marks the joint venture’s second acquisition within the Austin market. In July, the partners made their first foray into the metro with the purchase of SoNA Apartment Homes. Enclave at Water’s Edge is the fourth investment made through the company’s recently launched Opportunity Fund V, which targets communities in Dallas-Fort Worth, Austin and San Antonio.
