AUSTIN, Texas, Feb. 11, 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 IH-35 corridor, today shared a summary of its 2019 acquisition activity that saw the firm achieve record expansion. Headquartered in Austin, TX, Rastegar Property Company has garnered recognition as an organization passionate about and dedicated to its employees, tenants and the future of its city.
In 2019, Rastegar Property Company acquired 16 properties in Dallas, TX; Austin, TX; Kyle, TX; and Phoenix, AZ. The firm expanded its portfolio with investments in multifamily, retail, office, parking, land and added additional acreage to its current development projects
Major 2019 acquisitions include:
- A downtown Dallas, TX lot to be used for the development of a 270-unit high-rise occupied by next-gen hospitality company Sonder on a long-term lease agreement.
- A downtown Phoenix, AZ lot located in one of the city’s opportunity zones, with a zoning allowance for 550 feet of vertical development, higher than any existing building in Arizona.
- A 48-unit, 36,740 square foot multifamily residential complex in the Austin, TX neighborhood of Hyde Park.
- A 50-unit, 29,867 square foot multifamily residential complex in the North Central Austin neighborhood of St. Johns.
- A lot on Austin's South Congress Avenue with a total buildable potential of over 110,000 square feet.
- A 1.77-acre, 77,101 square foot S. 1st Street lot in Austin’s rapidly developing and artistic “Slackerville” neighborhood, which Rastegar Property Company used – along with several other lots – to assemble a larger property for development.
Rastegar Property Company’s flurry of activity is a result of its focus on investing in cities that attract skilled young professionals and high-paying jobs at furious paces. According to 2019 U.S. Census data, Phoenix, AZ, experienced higher population growth than any other U.S. city with 50,000 or more residents. The Texas cities of Austin, San Antonio, Fort Worth, Frisco and McKinney were also among the 15 fastest growing cities on the same list.
“As young professionals continued their mass exodus from America’s most expensive real estate markets and areas demanding a significant cost of living, the increased employment opportunities coupled with the absence of state income tax played major roles in making our home state of Texas, and more specifically our backyard of Austin, the epicenter of this migration,” said Ari Rastegar, CEO of Rastegar Property Company. “We expect Austin and the greater Southwest to continue attracting young and talented professionals pursuing jobs with leading tech companies like Facebook and Apple, among others. This population growth is a boon to the local economies, creating value for our investors and the communities in which we invest by identifying properties that can help meet this rapidly-growing demand for housing, retail, office and storage needs.”
Inspired by Pablo Picasso’s “everything you can imagine is real” philosophy, Rastegar Property Company acquired each of these properties in 2019 after reimagining them for what they could be, as opposed to what they were. Each property also met one or more of the company’s formal investment criteria, with opportunities to create value through repositioning, redevelopment or improved asset management and operational efficiency. Additionally, these properties are advantageously located near employment opportunities, higher education institutions, residential areas, restaurants, entertainment, healthcare facilities and major transit corridors, also increasing Rastegar Property Company’s holdings in acreage, square feet and buildable square feet.
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 or directly owned and operated over 13.8 million square feet of real estate with projects in 13 states and 35 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.
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Kyle Evans
FischTank Marketing and PR
kyle@fischtankpr.com
646 699 1414