California-Based Equity Firm Buys Round Rock Apartment Complex

ROUND ROCK, TX -- California-based private equity firm The Bascom Group has purchased the Melograno at Teravista apartment complex near the Round Rock Premium Outlets, company officials announced.

The firm said they purchased the 300-unit multi-family property for an undisclosed amount. The property encompasses 19 residential buildings and one stand-alone leasing center on 41 acres at Teravista Parkway. Company officials touted the proximity of the outlet mall, which contains a Bath & Body Works, Nike Factory, Banana Republic and other retail outlets.

“We acquired a well-built, well located asset benefiting from a great school system and a stable resident base, James D'Argenio, a Bascom principal, said in a prepared statement. "Although recently built, the interiors offer an upgrade opportunity when compared to newer, more expensive apartments.”

The property offers one-, two- and three-bedroom floor plans ranging in size from 810 to 1,729 square feet, company officials said. Its 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, dog park and valet trash pickup.

Within each apartment unit, amenities include 9-foot ceilings, crown moldings, double stainless steel sinks, exterior storage, large walk-in closets, separate pantries, and private patios and balconies, company officials added.

“North Austin and the surrounding markets continue to show strong apartment fundamentals and household economic statistics relative to other Texas markets," Tony Ferrell, Bascom's director of portfolio operations, said. "The property along with the neighboring properties are all high 90s occupancy with healthy resident analytics.”

The property is composed of 51 percent one-bedroom units, 40 percent two-bedroom units and 9 percent three-bedroom units, officials noted.

>>> Image of Melograno at Teravista courtesy of Bascom Group