Austin lots increase potential development size, flexibility of previously assembled S. 1st Street property
AUSTIN, Texas, Jan. 23, 2020 (GLOBE NEWSWIRE) -- Rastegar Property Company, a real estate investment firm focused on value-add and development in all asset classes throughout Austin and the greater American Southwest, announced its acquisition of two additional lots on Austin’s W. Live Oak Street.
Located at 508 and 511 W. Live Oak Street and occupying .54 acres, the two properties are adjacent to 2209 S. 1st Street, which Rastegar Property Company acquired in September 2019. The acquisitions provide Rastegar Property Company with greater flexibility and a larger development site along Austin’s S. 1st Street, where it plans a mixed-use development. S. 1st Street is one of the city’s major transit corridors, offering access to residential neighborhoods, multifamily developments, restaurants and retailers.
“These two W. Live Oak properties are the next steps in Rastegar Property Company’s assembly of this large, truly iconic development site,” said Ari Rastegar, CEO of Rastegar Property Company. “On top of increasing the size of this location, these lots offer seemingly limitless options for the development as young professionals continue pouring into Austin and the city’s demand for residential, commercial and retail space skyrockets."
“The acquisition of 511 W. Live Oak will enhance the connectivity and viability of the future development,” said Michael McKinley of McAllister & Associates. “Austin’s thriving downtown and surrounding areas continue to create opportunities for real estate developers committed to and passionate about the city’s future.”
Austin is the leading U.S. metro area in population growth since 2018, registering a 2.5% increase from the previous year and a 26.3% increase since 2010. According to U.S. News & World Report, Austin’s average annual salary is higher than the U.S. average and it is one of WalletHub’s 2020 top five cities for jobs.
About Rastegar Property Company
Rastegar Property Company is an Austin, Texas based, real estate investment firm focused on value-add and development in all asset classes throughout Austin and the greater American Southwest. Rastegar Property Company 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 Property Company 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 Property Company’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 Property Company assumes no liability or responsibility for any errors or omissions in the content contained in this release.
Media contact:
Kyle Evans
FischTank Marketing and PR
kyle@fischtankpr.com
646 699 1414