Rastegar Property Acquires Two Austin-area Multifamily Properties for Renovation

Coveted Zilker Park and West Lake Hills properties to undergo renovation amid Austin’s explosive job and population growth

Austin, UNITED STATES


AUSTIN, Texas, July 25, 2019 (GLOBE NEWSWIRE) -- Rastegar Property, a vertically-integrated real estate investment firm focused on value-add and development in all asset classes across the United States, today announced its acquisition of two Austin-area multifamily residential complexes, totaling 38 residential units and over 33,000 square feet of space.

The Zilker Place Apartments at 2017 Bluebonnet Lane are in South Austin’s Zilker Park neighborhood, and contain 23 units and over 14,000 square feet. The property is near Zilker Metropolitan Park, home to Barton Springs Pool and the Austin City Limits Music Festival and provides residents with access to additional employment and entertainment options in the South Lamar, South Congress, South 1st and Downtown Austin districts. It is also near several higher education campuses, including the University of Texas at Austin, St. Edward’s University and several Austin Community College campuses. The property is currently being fully renovated with modern interiors.

In the Austin Suburb of West Lake Hills, the Redbud Bungalows at 1430 Redbud Cove consist of 15 townhomes and 19,000 rentable square feet on 5.4 acres of property. The Redbud Bungalows offer access to West Lake Hills’ employers, restaurants, shopping and an excellent public school system. A full renovation of the property is underway, with the potential for redevelopment to meet the growing demand for Austin’s city and suburban residential space for the city’s growing population of young professionals.

“The city of Austin is undergoing sustained population, employment and rent growth, and Rastegar looks to capitalize on this opportunistic environment by identifying and acquiring small and large multifamily properties that we can add value to,” said Ari Rastegar, CEO of Rastegar Property. “These two particular properties, best categorized as vintage and un-renovated multifamily housing, fit our acquisition criteria of being located in high-growth regions with the potential to flourish following strategic renovation. As an Austin-headquartered real estate company, we are acutely aware of the current real estate investment opportunity stemming from explosive economic and population growth as more prominent employers make this city their corporate home.”

Austin experienced top-10 job growth from 2013 to 2018, increasing its total jobs by over 177,000, or 18.4%.The city added over 440,000 residents between 2010 and 2018, increasing its population by 25.5% and making it America’s fourth fastest growing city. Austin’s expanding job market and influx of residents resulted in the highest rent growth in Texas from 2018 to 2019, as well as the fifth highest in the nation.

About Rastegar Property

Rastegar Property Company is an Austin, Texas based, 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 over 4.9 million square feet of real estate with projects in 12 states and 34 cities. Rastegar specializes in acquiring complex or undervalued real estate assets in which there are opportunities to create value through repositioning, redevelopment, or leveraging its exceptional property and asset management platform to uncover and capitalize on underlying operational inefficiencies. 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.

Disclosure Statement

Rastegar assumes no liability or responsibility for any errors or omissions in the content contained in this release.

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Kyle Evans
FischTank Marketing and PR
kyle@fischtankpr.com
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