AUSTIN, Texas, May 19, 2020 (GLOBE NEWSWIRE) -- Rastegar Property Company, a technology-enabled private real estate investment firm focused on value-add and development in all asset classes throughout Austin and the Southwest United States, has completed the acquisition of the 58-unit Mueller Square Apartments, in joint venture with a Texas-based insurance company, which is located in one of the city’s fastest growing neighborhoods.
“The Mueller Square acquisition represents Rastegar’s typical target investment - vintage multifamily communities in prime locations that are in need of a complete transformation,” said Ari Rastegar, Founder and CEO of Rastegar Property Company. “It’s located in a young, vibrant neighborhood, minutes away from shopping, dining, and area amenities. We’re planning a complete renovation to create a dynamic living space for the influx of families moving to the city looking to take advantage of the outstanding employment opportunities, educational system and endless benefits that make Austin a great place to live.”
The Mueller Square Apartments, which sit at 5005 Manor Road in the heart of the neighborhood, is a short distance from The Mueller’s Farmers Market, the lively Aldrich Street and its mix of retail, dining, cultural and entertainment options, and a 40,000 square foot shopping center that features name-brand, national retailers. The property will undergo a complete renovation, expected to be finished within one year of acquisition, and will include ripping units down to the studs, full kitchen renovations, full bathrooms, new floors, counters, electrical and safety, as well as the implementation of smart technology, like locks, heating /cooling, maintenance and safety monitoring. In order to address safety and health concerns in light of COVID-19, Rastegar will also be sourcing antimicrobial materials like copper when appropriate.
"In the face of all the challenges and uncertainties of a COVID-19 environment, Rastegar was able to successfully execute on Mueller Square Apartments,” said Jim Young, Senior Managing Director of Investment Sales at Multifamily Capital Markets. “Mueller Square presented an outstanding value-add opportunity located in one of the fastest growing corridors in Austin, TX."
The property offers almost 50,000 net rentable square feet to the centrally located neighborhood that is three miles from downtown Austin and two miles from the University of Texas. A now bustling section of the city, Austin’s airport originally occupied the 700-acre space until it relocated in 1999. Today, the Mueller neighborhood is home to more than 14,000 Austenites and features four million square feet of office and retail space, as well as 140-acres of public open space.
“When I came across the Mueller Square Apartments opportunity, I knew Rastegar Property Company would be a perfect fit to take this project to the next level,” said Nic Costello, Agent at RE/MAX Posh Properties.
About Rastegar Property Company
Rastegar Property Company is a technology-enabled private real estate investment firm focused on value-add and development in all asset classes throughout Austin and the southwest United States. Rastegar and its affiliates have co-invested in or directly own and operate over 13.8 million square feet of real estate across projects in 13 states and 35 cities. The firm specializes in acquiring complex or undervalued assets with opportunities to create value through repositioning, redevelopment, and/or improved operational efficiencies.