ROUND ROCK, TX-An investment partnership comprised of Crossbeam Capital LLC and Concierge Asset Management has acquired Melograno at Teravista, a 320-unit, class A property located in this Austin suburb.
The partnership bought Melograno for an undisclosed amount from its developer, Bryan, TX-based Godfrey Residential Group. Brad Blash, Crossbeam’s chief acquisitions officer, says the property traded for about 80% of its 2008 replacement cost. Industry sources estimate replacement cost to be more than $35 million.
Situated on 16 acres at 401 Teravista Parkway, Melograno offers a mix of one, two and three-bedroom units. Units range from 810 square feet to 1,729 square feet and rent for $745 to $1360 per month.
The units feature full-size washers and dryers, nine-foot ceilings with crown molding, faux wood floors in kitchen and entry way and private balconies. Property amenities include fitness center, cyber caf
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