Located in One of the Fastest-Growing Cities in the Country, Rock Springs Duplexes Represents the Multifamily Real Estate Leader’s Expanded Presence in the Attractive Round Rock submarket
RangeWater Real Estate, a fully integrated rental housing company with assets across the Sun Belt and Mountain West, and equity partner, Harbert US Real Estate, an investment strategy sponsored by Harbert Management Corporation, have acquired an expansive residential community in the growing Round Rock submarket of Austin, Texas.
The joint venture purchased Rock Springs Duplexes located at 1338 Christopher Ave in Round Rock. The acquisition is part of rental housing industry leader RangeWater’s strategy to continue meeting housing demand by purchasing communities in desirable neighborhoods across the Sun Belt. The acquisition price was not disclosed.
“This is our first acquisition in partnership with HUSRE and we are excited to continue expanding our portfolio in Austin, one of the fastest growing and most diverse cities in Texas,” said RangeWater Real Estate’s President and CEO Steven Shores. “We look forward to creating positive, fulfilling, and impactful experiences for residents who call Rock Springs home.”
RangeWater continues to look for new land sites and existing properties throughout the Austin-Round Rock MSA market. The company currently manages over 2,300 units across Texas, and this will be its third asset in the Austin metropolitan area. Their most recent development, The Darby, completed in 2024, is a 350-unit multifamily project located in Manor, a suburb of North Austin. RangeWater will serve as property manager for Rock Springs Duplexes.
“This acquisition represents an exceptional addition to our local portfolio of communities due to the market conditions, population growth, proximity to employment hubs, and more,” added Michael Hoy, Acquisitions Managing Director at RangeWater Real Estate. “Particularly known for its exceptional demographics, school system, and competitive cost of living, there’s no doubt that Rock Springs Duplexes represents a unique investment opportunity in one of Austin’s most prosperous and desirable suburban locations.”
Rock Springs Duplexes features 108 three-bedroom, two-bath, and 42 three-bedroom, 2.5-bath homes, ranging from 968 to1,280 square feet. Built in two phases (Phase I in 1985 and Phase II in 1996), the unique style duplexes feature high-end finishes throughout the residences. Each home features an attached direct-access garage, driveway parking space, full-sized washers and dryers, and a private fenced backyard. The expansive floor plans include separate dining and living areas; modern kitchens featuring quartz countertops, black appliances, kitchen tile backsplash, gas stove-top and oven, ceiling fans, and wood plank vinyl flooring. Rock Springs Duplexes amenities include a fitness center with cardio and free weight equipment, a coffee bar and a community kitchen. RangeWater will make minor improvements to the property to maintain a competitive edge over neighboring communities in Round Rock.
Situated in the rapidly growing suburb of Austin, Rock Springs Duplexes benefits from strong employment growth from Round Rock and North Austin. The residential community is just a five-minute drive from Dell’s headquarters, which employs over 14,000 people. Additionally, major companies like Apple and Samsung have invested billions in new corporate campuses in the area. Just 15 minutes from the property, the 3.3 million square foot mixed-use project, Parmer Austin, is expanding and attracting businesses such as Home Depot, 3M, and IBM, along with Austin FC’s practice facility. The area also features The Pitch, which offers 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 creating fulfilling experiences for its partners, clients, residents, and employees across the Sun Belt and Mountain West. With a diversified portfolio of multifamily, build-to-rent, and mixed-use real estate assets, the Atlanta-based company has acquired and developed approximately 35,800 multifamily units since its inception in 2006, representing $7.0 billion in total capitalization. RangeWater blends local market knowledge and subject matter expertise to create places and experiences that redefine community, currently managing a portfolio of approximately 90,000 multifamily units across 13 states. With offices in Atlanta, Charlotte, Dallas, Denver, and Tampa, RangeWater targets high job growth markets with demand for new housing. For more information, visit LiveRangeWater.com.
About Harbert Management Corporation
Harbert Management Corporation is an alternative asset manager with approximately $8.2 billion in Regulatory Assets Under Management as of September 30, 2024. Formed in 1993, the firm is privately owned and serves foundations and endowments, fund of funds, pension funds, financial institutions, insurance companies, family offices, and high net worth individuals across multiple asset classes. Investment strategies include European and U.S. real estate, seniors housing, U.S. growth capital, credit solutions, infrastructure, and absolute return funds. For additional information about HMC visit, www.harbert.net.
