Rastegar Property Buys South Austin Site For Apartments

AUSTIN, TX — Austin-based Rastegar Property has purchased a 1.3-acre South Austin property encompassing 56,628 square feet of space, officials announced.

The property at 5402 South Congress Avenue near the West Mockingbird Lane intersection sits in a residential area with nearby retail, restaurants and entertainment venues, officials described. The site also provides access to major thoroughfares, including Interstate 35, US-290 and Stassney Lane, as well as the South Congress and the central business district.

Rastegar plans to use the property to develop a multifamily complex consisting of 76 residential units and 115 underground parking spaces in maximizing rentable square feet. Officials noted the property has potential of more than 110,000 buildable square feet.

“Along with businesses, young professionals are relocating to Austin at a furious pace, and the demand for city residences via multifamily housing is far outpacing the supply,” Ari Rastegar, CEO of Rastegar Property, said in a prepared statement. “Being based in Austin, we have long had our eye on the south side of the city as one of the most rapidly-growing and vibrant neighborhoods. As development continues to expand south due to demand, we believe there is great potential to add value to this property and others in the region, which will benefit our investors and those in this thriving community that we are so proud to be a part of.”

Austin added 38,437 jobs between 2017 and 2018, and the city’s economic opportunity is being met with an influx of residents, as it added 53,086 residents – or 145 people per day – in 2018, officials noted. Austin is currently ranked America’s best place to live by U.S. News & World Report and in addition to continuously-growing employment opportunities, the city also offers access to higher education and entertainment.

About Rastegar Property

Rastegar Property Company describes itself as a vertically-integrated real estate investment firm focused on value-add and development in all asset classes across the United States. Rastegar and its affiliates have co-invested in more than 4.9 million square feet of real estate with projects in 12 states and 34 cities.

The company specializes in acquiring complex or under-valued real estate assets in which there are opportunities to create value through re-positioning, redevelopment or leveraging its exceptional property and asset management platform to uncover and capitalize on underlying operational inefficiencies, officials said in a press advisory. Rastegar’s unconventional perspective comes from the combined power of disciplined focus and ambition, years of specialized experience and expertise, and outside-the-box thinking, officials added.