AUSTIN, Texas, Aug. 04, 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, announced today the acquisition of 106 Red Bird Lane in Austin. The half-acre property is adjacent to and will be included in the Firm’s planned redevelopment for 5402 South Congress, an iconic street in a bustling part of the city.

Lying in a booming section of South Austin, the planned development provides a pathway to the densely populated South Congress and Central business districts that contain a mix of retail, restaurants, bars and concert venues catering to a wide range of customers. Well located, the property is easily accessible to major Austin thoroughfares including IH-35, US 290 and Stassney Lane.

“The Red Bird Lane Property will allow Rastegar to bring much needed housing to an ever-expanding section of Austin,” said Ari Rastegar, Founder and CEO of Rastegar Property Company. “The South Congress Corridor is only going to grow as Downtown Austin continues to expand farther south, and this development will be centrally located to all the shops, food trucks and nightlife that make it one of the most desirable sections of the city.” 

Plans for the site include a wrap style multifamily complex with approximately 155 units.

“The development will prioritize street level activation and improvements to continue to bring vibrancy down South Congress,” said Hunter Floyd, Director of Design and Development for Rastegar. “Since we’ve been spending so much time at home, we’re realizing how important it is to have premium indoor air quality. Our South Congress project will emphasize wellness, access to outdoor amenities and environmental air quality, which is especially important post COVID.” 

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/07c93f77-3444-48af-9ffa-b1f844ef79f5