AUSTIN, TX – RockFarmer Properties, a privately held, fully integrated vertical development and investment firm based in New York City and Wildhorn Capital, an Austin, TX-based multifamily operator, announced the acquisition of Enclave at Waters Edge, a 184-residence multifamily development located at 12330 Metric Blvd in Austin, TX, for an undisclosed price.
This transaction marks RockFarmer Properties second venture into the Austin, TX, multifamily market – and marks the fourth acquisition made by RockFarmer s recently launched Opportunity Fund V. Previously, in July, 2021, the company bought SoNA Apartment Homes, a garden-style multi-family rental community in Austin, TX.
RockFarmer Properties plans additional acquisitions of value-add commercial and multi-family assets across the Dallas-Fort Worth, Austin and San Antonio, TX, markets. In the last 6 months, RockFarmer has bought or sold more than $250 million in assets nationwide.
With major tech companies opening or relocating offices in Austin, the city is experiencing meteoric growth. Austin s ample opportunities for employment attract people from across the country. We are bullish on value-add multifamily developments located in cities experiencing continued growth like Austin, said Brian Getzler, Executive Vice President and Head of Acquisitions at RockFarmer Properties.
Newmark Knight Frank represented the buyer and the seller in this transaction. The firm also helped secure financing for the acquisition on RockFarmer s behalf.
We are delighted to team up with Wildhorn Capital again – an incredible owner/operator in the Austin market – on the acquisition of Enclave at Waters Edge, said George Michelis, Principal of RockFarmer Properties. We look forward to continued success.
RockFarmer Properties plans to add significant value to Enclave at Waters Edge through timely unit renovations and enhancements to the community wide amenities and common areas of the property. To date, RockFarmer Properties has successfully executed the development, acquisition, renovation, repositioning and sale of more than 70 transformative residential and commercial properties across New York and the Sun Belt states totaling more than $2B.
Enclave at Waters Edge is a well-located rental community with a lot of upside potential. We find such properties to be brilliant investments, said John Petras, Principal of RockFarmer Properties. We plot to be an extremely active investor in value-add commercial and multifamily assets in the Austin, Dallas-Fort Worth and San Antonio Texas for the foreseeable future.

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HAMILTON, NJ – Total construction starts rose 10% in September to a seasonally adjusted annual rate of $889.7 billion, according to Dodge Construction Network. All three sectors improved: nonresidential building starts rose 15%, residential starts went 9% higher, and nonbuilding starts increased by 6%.
Construction starts have struggled over the last three months as concerns over rising prices, shortages of materials, and scarce labor led to declines in activity, stated Richard Branch, Chief Economist for Dodge Construction Network. The increase in September, but, partially allays the dread that construction is headed for a free-fall and shows that owners and developers are still ready to go ahead with projects. Starts are likely to continue to trend in a positive but sawtooth fashion in the coming months until a more balanced recovery takes hold next year.
Below is the full breakdown:
Nonbuilding construction starts rose 6% in September to a seasonally adjusted annual rate of $177.9 billion. Miscellaneous nonbuilding starts (pipelines, site work, etc.) and environmental public works (water, sewers, etc.) each gained 29%, while highway and bridge starts gained less than 1%. On the downside, utility/gas plant starts dropped 53%. Year-to-date, total nonbuilding starts were essentially unchanged through September. Environmental public works were 24% higher, while highway and bridge starts were 2% lower. Miscellaneous nonbuilding fell 14% and utility/gas plant starts fell 10% during the first nine months of the year. For the 12 months ending in September 2021, total nonbuilding starts were 1% lower than the 12 months ending in September 2020. Environmental public works starts were 22% higher and highway and bridge starts were up 3%, while utility and gas plant starts were down 20% and miscellaneous nonbuilding starts were 16% lower on a 12-month rolling basis. The largest nonbuilding projects to break ground in September were the $500 million Whale offshore oil field pipeline near Houston, TX, the $485 million Chimney Hollow Reservoir Dam in Berthoud, CO, and the $450 million repairs to docks at the United States Coast Guard Station in Fort Macon, NC.
Nonresidential building starts rebounded in September, gaining 15% to a seasonally adjusted annual rate of $281.8 billion. Commercial buildings rose 13% as starts improved for the hotel, warehouse, and retail sectors. Office building starts fell. Institutional building starts rose 13% with all sectors but public buildings improving over the month. Manufacturing starts jumped 47% following a particularly weak August. In the first nine months of 2021, nonresidential building starts were 7% higher. Commercial starts increased 8%, manufacturing starts were 38% higher, while institutional starts were up just 2%. For the 12 months ending in September 2021, nonresidential building starts were 1% lower than in the 12 months ending in September 2020. Commercial starts were down 1%, institutional starts rose 1% and manufacturing starts dropped 12% in the 12 months ending September 2021. The largest nonresidential building projects to break ground in September were the $670 million modernization program at Pittsburgh International Airport in Pittsburgh, PA, the $658 million Irvine Campus Medical Complex in Irvine, CA, and the $495 million Phillips 66 Sweeny Hub Fractionator in Sweeny, TX.
Residential building starts rose 9% in September to a seasonally adjusted annual rate of $430 billion. Single family starts gained 9% in September, while multifamily starts increased by 24%. Through nine months, residential starts were 25% higher than in the same period one year ago. Single family starts gained 26%, and multifamily starts grew 20%. For the 12 months ending in September 2021, total residential starts were 22% higher than the 12 months ending in September 2020. Single family starts gained 26%, and multifamily starts were up 10% on a 12-month sum basis. The largest multifamily structures to break ground in September were the $300 million Islablue Apartments in Long Beach, NY, the $256 million Station Square Apartments (phase 2A) in Ronkonkoma, NY, and the $215 million 906 W. Randolph mixed-use project in Chicago, IL.
Regionally, total construction starts improved in all five regions during September.

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CHICAGO, IL – Greystar, a global leader in the investment, development, and management of high-quality rental housing properties, announced that it is breaking ground on its first high-rise development project in downtown Chicago at 166 N. Aberdeen St. The new building will include 223 apartments in studio, convertible, 1BR, 2BR and 3BR floorplans.
“We’re excited to break ground on Greystar’s first development in Chicago,” Yale Dieckmann, Managing Director of Development, said. “Fulton Market is the most dynamic neighborhood in the city, and we look forward to complementing the area’s substantial office development with high-quality housing. The location is ideal for people who want a walkable neighborhood with access to the best live/work/play amenities in the city.”
“What’s excellent about this development is that it’s excellent for the city. In addition to investment in Fulton Market, we’re going to get affordable housing in West Garfield Park,” Alderman Walter Burnett said. “It’s a win for the west side and a win for the city.”
“This neighborhood represents the future of Chicago,” Deputy Mayor Samir Mayekar said. “To have Greystar, the largest apartment developer in the nation, building their first development in downtown Chicago shows that Greystar is long on the city’s future and long on urban development.”
Greystar is working with architect, plotting and design firm SCB to bring to life a building that includes a nod to the past while also looking to the future with a metal articulated tower about the historic warehouse-like masonry base. Greystar and SCB are utilizing sustainable techniques and plot on seeking Green Globe Certification.
The high-rise will also feature a third-floor amenity level with a 5,650 SF outdoor deck that includes a pool, lawn and lounge areas that have direct access to the co-working and fitness areas. A signature outdoor lounge on the 14th floor faces downtown Chicago and delivers spectacular views of the well-known Chicago skyline.
The building will feature ground-floor retail adjacent to the tower entry. Delivery of first units is plotted for January 2023 with construction completion in March 2023.

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