The Bascom Group Acquires Multifamily Community in Round Rock
- Jun 01, 2016
Austin, Texas—Bascom Group LLC, a private equity firm specializing in multifamily, commercial, non-performing loans and real estate related investments and operating companies, announced it has acquired a 300-unit multifamily community located in Round Rock, Texas. The price tag of the transaction was not disclosed.
Debt financing was arranged by De’On Colling, John Brownlee and Charles Halladay of HFF. The seller was represented by HFF’s Sean Sorrell.
“We acquired a well-built, well located asset benefitting from a great school system and a stable resident base. Although recently built, the interiors offer an upgrade opportunity when compared to newer, more expensive apartments,” said James D’Argenio, principal at Bascom.
Melograno at Teravista encompasses 19 residential buildings and one stand-alone leasing center spread across 17 acres at 41 Teravista Parkway. In close proximity are the Round Rock Premium Outlets offering a plethora of shopping opportunities at stores such as Bath & Body Works, the Nike Factory Store and Banana Republic.
The property offers one-, two- and three-bedroom floorplans ranging in size from 810 to 1,729 square feet. Community amenities include a 24-hour fitness center, garages, carports, billiards, e-lounge, guest suite, outdoor kitchen with grilling area, a resort-style swimming pool with water plaza and valet trash pickup. Unit amenities include 9-foot ceiling, crown moldings, double stainless steel sinks, exterior storage, large walk-in closets, separate pantries, and private patios and balconies.
“North Austin and the surrounding markets continue to show strong apartment fundamentals and household economic statistics relative to other Texas markets. The property along with the neighboring properties are all high 90s occupancy with healthy resident analytics,” said Tony Ferrell, director of portfolio operations for the Texas region with Bascom.
Image courtesy of Bascom Group