Real Estate Developer Intracorp Acquires South Austin Land Assemblage from Rastegar Property Company

Intracorp to develop One Oak, its second condominium community on South 1st Street in South Austin’s Bouldin Creek Neighborhood

Austin, UNITED STATES


AUSTIN, Texas, March 04, 2021 (GLOBE NEWSWIRE) -- Prominent North American real estate developer Intracorp is excited to reveal plans for its next Austin project called One Oak, a 106 unit mixed-use community located at 2209 South 1st Street in the desirable Bouldin Creek neighborhood in the heart of South Austin, 78704. Intracorp acquired the Bouldin Creek land assemblage by an agreement with Austin-headquartered 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 Sun Belt region of the United States.

The new community located on South 1st Street and Live Oak will be four stories and will include one – three bedroom homes, with the larger homes featuring expansive outdoor terraces. All residents will benefit from access to extensive amenities, including a fitness center, meeting rooms, Creekside lounge and entertaining kitchen, and outdoor courtyard, featuring a pool deck with lounge and BBQ area. This community sits on Bouldin Creek amidst towering oak trees, giving residents (and their canine friends) amazingly convenient access to nature.

The property was assembled and sold to Intracorp by Rastegar Property Company, who will retain an investment in the project. Intracorp purchased the new community site through a joint venture (JV) partnership with California-based The Resmark Companies, one of the nation's most prominent providers of equity financing for residential real estate development and frequent partner of Intracorp. Financing was provided by Frost Bank in Austin, Texas.

Intracorp has engaged several reputable groups to bring their considerable talents to the project. Renown firm Pappageorge Haymes Partners of Chicago is the lead architect together with local firm Urban Foundry. Hitchcock Design has been engaged for landscape architecture and Brandon Miller Group for project sales and marketing.

This new project will follow in the Intracorp style of building extraordinary homes in extraordinary locations and comes closely on the heels of Intracorp’s first Austin community – 44 East Ave, which is currently under construction and over 65% sold.

“We are very excited to be announcing our next community in Austin. When we set down roots here in 2018, we knew it was going to be for the long haul. Austin has been extremely good to us and we look forward to continuing to deliver extraordinary homes to this amazing city for years to come.” – Don Forsgren, CEO Intracorp.

“Similar to 44 East Ave, our next Intracorp community in Austin will also celebrate the active, urban lifestyle. One Oak is an irreplaceable location, just minutes from downtown and Austin’s favorite urban amenities, but nestled in an unbelievable natural setting in the midst of an amazing South Austin neighborhood. Rastegar assembled a tremendous collection of properties and we look forward to continuing to work together with Ari.” – Brad Stein, President, Intracorp Texas.

“Due to the impeccable location, putting this land assemblage together was no easy feat for the Rastegar team, but given Intracorp’s impressive history and track record, we can think of no better partner to bring much needed best-in-class housing to the city of Austin.” – Ari Rastegar, Founder and CEO of Rastegar Property Company.

“Austin continues to be an attractive investment market for Resmark for its fast-growing population and job growth, fueled in large part by an influx of technology jobs driving in-migration,” said Ziv Cohen, Resmark’s Chief Investment Officer. “We are excited to continue our partnership with Intracorp across several geographies. They are a top-tier developer, and I look forward to many more projects with them.”

More information on Intracorp can be found online at www.intracorphomes.com.

About Intracorp
Developing communities in six urban regions in North America, Intracorp has established itself as a real estate developer that delivers extraordinary experiences to homeowners. As one of North America’s largest developers of multi-family homes, Intracorp has delivered more than twenty-two thousand homes in 184 communities. Intracorp grew out of founder Joe Houssian’s first business venture Intrawest, which was founded in 1976. The company began as an urban residential real estate business which transformed into an internationally renowned resort and real estate development company credited with the success of several pre-eminent ski resorts, such as Whistler Blackcomb. Intracorp currently develops extraordinary communities in Austin, Seattle, Southern California and Vancouver Canada.

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 38 cities. The firm specializes in acquiring complex or undervalued assets with opportunities to create value through repositioning, redevelopment, and/or improved operational efficiencies.

About Resmark
Founded in 1995, Resmark is a leading residential real estate investment manager that provides capital to premier homebuilders, land developers, and multifamily developers across the United States. As a fiduciary to its investors, Resmark is a best practices aggregator that provides preferred access to America’s best residential developers. The firm has participated in more than 250 investments encompassing over 85,000 single-family and multifamily residential units. Headquartered in Los Angeles, Resmark operates nationally and maintains offices in select target markets. For additional information, please visit www.resmark.com

PRESS CONTACT
Rob Kreis
rastegar@fischtankpr.com
FischTank PR

Photos accompanying this announcement are available at

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Intracorp One Oak by Intracorp_Street View_2021