Rastegar plans to fully renovate the complex that consists of 19,650 total rentable square feet, and upgrade amenities to attract the influx of young professionals moving to Austin looking to take advantage of the city’s competitive job opportunities and fantastic standard of living. Rastegar’s acquisition of the one-story property built in 1969 is in line with the Company’s approach throughout the pandemic of targeting vintage multifamily apartment complexes that are well-located and in need of renovation to bring them up to the standards of today’s Austin renters.
“Lamar Oaks is another well-situated complex that will provide best-in-class living standards,” said Ari Rastegar, Founder and CEO of Rastegar Property Company. “Just five minutes away from the intersection of I-35 and 290 HWY, residents of Lamar Oaks will live in a highly walkable location that features some of the best restaurants in the city, an elementary school, Austin Community College and other attractions that make Austin one of the most sought-after cities in the country.”
Among the amenity upgrades, Rastegar will specifically address wellness concerns brought on by COVID-19, including outdoor access to units, greater air circulation and social distancing measures in common areas. Throughout all Rastegar’s properties, and including Lamar Oaks, antimicrobial materials like copper are being used as well as special light fixtures that feature ultraviolet light.
“After finding numerous off market deals for Rastegar and understanding their investment thesis by working closely with the team, we were able to find this irreplaceable asset that fits their core vintage multifamily platform to help them to continue to grow,” said Dustin Mehaffey and Craig Irvin of LightTower Commercial.
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.
Media Contact
Rob Kreis
FischTank PR
rastegar@fischtankpr.com
