Located in one of the nation’s fastest growing cities, Rock Springs Duplex represents the multifamily real estate leader’s expanding presence in the attractive Round Rock submarket.
Rangewater Real Estate, a fully integrated rental housing company with assets throughout the Sunbelt and Mountain West, and equity partner Herbert US Real Estate, an investment strategy sponsored by Herbert Management Corporation. has acquired a large residential community in the growing Round Rock submarket. Originally from Austin, Texas.
The joint venture purchased the Rock Springs duplex at 1338 Christopher Avenue in Round Rock. This acquisition is part of Rangewater’s strategy, a leader in the rental housing industry, to continue meeting housing demand by purchasing communities in desirable neighborhoods throughout the Sunbelt. The purchase price was not disclosed.
“This is the first acquisition we have made in partnership with HUSRE, and this is one of the fastest growing, most diverse, and We’re excited to continue expanding our portfolio in Austin.” “We look forward to creating positive, fulfilling and impactful experiences for the residents who call Rock Springs home.”
RangeWater continues to search for new land and existing properties throughout the Austin-Round Rock MSA market. The company currently manages more than 2,300 units across Texas, and this is its third asset in the Austin metropolitan area. The newest development, The Derby, completed in 2024, is a 350-unit multifamily project located in the North Austin suburb of Manor. RangeWater will serve as the property manager for Rock Springs Duplexes.
Michael Hui, Managing Director of Acquisitions at Rangewater Real Estate, said: “Given market conditions, population growth and proximity to employment hubs, this acquisition is an exceptional addition to our portfolio of local communities. “This will be an additional addition.” “Known for its exceptional demographics, school system and competitive cost of living, Rock Springs Duplex is undoubtedly a unique investment opportunity in one of Austin’s most affluent and desirable suburban locations. there is no.”
Rock Springs Duplex has 108 three-bedroom, two-bath homes and 42 three-bedroom, 2.5-bath homes ranging from 968 to 1,280 square feet. Built in two phases (first phase in 1985 and second phase in 1996), the uniquely styled duplex features high-end finishes throughout the residence. Each home features a direct access garage, driveway parking space, full size washer and dryer, and private fenced backyard. The spacious floor plan includes a separate dining and living area. Modern kitchen with quartz countertops, black appliances, kitchen tile backsplash, gas stove and oven, ceiling fan, and wood plank vinyl flooring. Rock Springs Duplexes features amenities such as a fitness center with cardio and free weight equipment, a coffee bar, and a community kitchen. Rangewater plans to make minor improvements to the site to maintain its competitiveness against neighboring communities in Round Rock.
Located in the rapidly growing suburbs of Austin, Rock Springs Duplex is benefiting from strong job growth from Round Rock and North Austin. This residential community is just a five-minute drive from Dell’s corporate headquarters, which employs more than 14,000 people. Additionally, major companies such as Apple and Samsung are investing billions of dollars in new corporate campuses in the region. Palmer Austin, a 3.3 million square foot mixed-use project located just 15 minutes from the facility, is expanding and attracting companies such as Home Depot, 3M and IBM, along with Austin FC’s practice facility. The area also includes The Pitch, which features a variety of bars, restaurants, two 18-hole mini golf courses, and pickleball courts.
About Rangewater Real Estate
RangeWater is a fully integrated multifamily real estate company that provides enriching experiences for partners, clients, residents and employees in the Sun Belt and Mountain West. The Atlanta-based company has a diverse portfolio of multifamily, pre-built and mixed-use real estate assets and has acquired and developed approximately 35,800 multifamily units since its founding in 2006, with total capital of 70. Equivalent to billions of dollars. RangeWater blends local market knowledge and subject matter expertise to create places and experiences that redefine communities, and currently manages a portfolio of approximately 90,000 multifamily units across 13 states. With offices in Atlanta, Charlotte, Dallas, Denver and Tampa, Rangewater targets markets with high demand for new homes and rapid employment growth. For more information, visit LiveRangeWater.com.
About Herbert Management Corporation
Harbert Management Corporation is an alternative asset manager with approximately $8.2 billion in regulated assets under management as of September 30, 2024. Founded in 1993, the company is privately owned and serves foundations, endowments, funds of funds, pension funds, financial institutions, insurance, and more. Corporates, family offices, and high net worth individuals across multiple asset classes. Investment strategies include European and US real estate, senior housing, US growth capital, credit solutions, infrastructure, and absolute return funds. For more information about HMC, please visit www.harbert.net.
