AUSTIN, Texas, Feb. 25, 2020 (GLOBE NEWSWIRE) -- Rastegar Property Company, a real estate investment firm focused on value-add and development in all asset classes through Austin and the greater IH-35 corridor, today announced its acquisition of a 1.21-acre, 52,751 square-foot lot in Austin’s St. Johns neighborhood.
Located at 6607 N IH-35 Street, the property is currently occupied by more than 5,700 square feet of existing retail and commercial space and a surface parking lot for those residing in or visiting St. Johns and its surrounding neighborhoods, the property provides Rastegar Property Company with flexibility as it explores development scenarios, including residential, retail and commercial space.
Sitting in Northeast Austin, St. Johns is one of the major sites of Austin’s revitalization and is popular among students and young families given its proximity to downtown and the University of Texas. The area features old warehouses and office spaces that have recently been converted to meet the city’s ever-growing demand for modern residential, retail and commercial space.
“Austin is the epicenter of historic migration as people grow tired of outrageous living costs in America’s largest cities and are eager to see what places like Texas can offer them,” said Ari Rastegar, CEO of Rastegar Property Company. “Some of the world’s leading technology companies are bringing thousands of high-paying jobs to Austin, and our city is rapidly establishing itself as a leader in quality of life and professional opportunities.”
According to the Austin Chamber of Commerce, Austin’s workforce grew by nearly 40,000 jobs in 2019 and as a result of that influx of jobs, Austin’s population is projected to surpass 4.5 million by 2040. In 2019, Business Insider ranked Austin’s gross domestic product (GDP) growth rate of 6.9% as the second highest among the 30 most populous metropolitan areas in the United States, while its unemployment rate was a mere 2.2%.
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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