RockFarmer Properties, a privately-owned, fully-integrated, vertical development and investment firm based in New York City, has entered the Dallas-Fort Worth, Texas market with the acquisition of two adjacent, gated, garden-style multifamily rental communities — 98Fifty and Apex — for an undisclosed price.
The off-market transaction also marks the first purchase made by RockFarmer’s recently-launched Opportunity Fund V. The company plans additional acquisitions of value-add commercial and multifamily assets across the Sun Belt states in the near term, including the Dallas-Fort Worth, Austin and San Antonio, Texas markets. RockFarmer is expected to announce additional Texas-based acquisitions in the coming weeks.
“We are extremely bullish on value-add properties located in stable communities and districts experiencing continued growth. 98Fifty and Apex are two well-located rental communities with a lot of upside potential,” said John Petras, principal of RockFarmer Properties. “We are looking to be an extremely active investor throughout 2021.”
RockFarmer Properties plans to add value to 98Fifty and Apex through timely unit renovations while enhancing the community-wide amenities and common areas at each property.
Dallas-based NorthMarq represented the buyer and the seller in the off-market transaction. The firm also helped secure financing for the acquisition on RockFarmer’s behalf.
