AUSTIN, Texas, June 24, 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, today announced the acquisition of the Mueller Point apartment complex in Austin’s premier Mueller neighborhood.
With more than 22,000 net rentable square feet, the vintage garden-style apartment complex is impeccably located near the intersections of major Austin thoroughfares, I-35, Highway 290 and Highway 183. The Property sits on Berkman Drive, a short distance from top-rated public and private schools, as well as Austin Community College. A highly-walkable neighborhood, Mueller Point’s location will provide residents with convenient access to employment, restaurants and shopping centers. Rastegar, who has no plans on slowing down for Covid-19, is bullish on the Mueller neighborhood precisely because of its proximity to the Downtown Austin area.
“At Rastegar, we’ve always been contrarian investors and have approached Covid-19 as a generational buying opportunity,” said Ari Rastegar, Founder and CEO of Rastegar Property Company. “This is our fourth major acquisition during the worldwide pandemic, and we expect to continue finding tremendous value in these type of garden-style apartment complexes, not to mention this property is another addition to our growing portfolio in one of Austin’s fastest growing districts.”
A full interior renovation is planned for the Property to include upgraded flooring, fixtures, cabinets and countertops, functional appliances, tile shower surrounds, new interior and exterior paint, window replacement, exterior siding, roof repair and landscaping. In order to address safety and health concerns in light of COVID-19, Rastegar will also be sourcing antimicrobial materials like copper when appropriate.
“Rastegar continues to be one of the most active buyers of centrally located multifamily properties in Austin, despite the volatile capital markets landscape during this pandemic,” said Forest Bass, Managing Director of Investment Sales at Walker & Dunlop. “We have been fortunate to close multiple transactions with Rastegar over the last few months and are currently working on several other multifamily properties as well.”
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.
Media Contact
Rob Kreis
FischTank PR
rastegar@fischtankpr.com