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.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
