Velo Flat is Rastegar Property Company’s fourth property acquired within the last year in fast growing East Austin.
AUSTIN, Texas, May 11, 2021 (GLOBE NEWSWIRE) — Rastegar Property Company, a vertically-integrated private real estate investment firm focused on multifamily, office, retail, and industrial asset classes throughout the United States’ Sun Belt region, today announced the acquisition of Velo Flats apartment complex in the bustling Windsor Park neighborhood of East Austin. A section of the city ripe for development, the 70-unit Velo Flats is the fourth property acquired in the neighborhood by Rastegar, who now owns and operates more than 200-units in Windsor Park alone.
Sitting at 2606 Wheless Lane, the nine building, 56,780 square foot complex was built in 1972 on more than three acres of land. This vintage multifamily complex is in a section of the city that is in much need of housing as the nearby State Highway 130 corridor is becoming the industrial backbone of Austin, thanks in large part to Tesla building a $1billion Gigafactory in the area. Tesla’s CEO Elon Musk recently Tweeted about the great need for housing in Austin, and the Velo Flats complex will be redeveloped to attract the young professionals making their way to the city to work at Tesla, as well as the various other top tier tech companies that are establishing larges presences throughout the city.
“East Austin is the fastest growing part of the city, and Rastegar is primed to offer best-in-class housing to all those who are making their way to our amazing city to take advantage of the competitive job market, fantastic weather and unbeatable quality of life that’s offered here,” said Ari Rastegar, Founder and CEO of Rastegar Property Company. “There is an immediate need for housing, and the East Austin sub-pocket is really the only part of the city that hasn’t been fully developed yet, providing a great opportunity for Rastegar to create beautiful living spaces designed to fit the unique culture of Austin.”
Planned redevelopment of the property is expected to be completed in a month. In line with Rastegar Property Company’s core values, design elements that address the health and wellness of its tenants will be executed throughout the property creating state-of-the-art housing specifically tailored to the young professionals and families of today.
“Rastegar continues to be the most active vintage multifamily buyer in Austin,” said Forrest Bass, Managing Director of Investment Sales at Walker & Dunlop. “Ari is a man of his word and he and his incredible team are an absolute pleasure to deal with during real estate transactions. Rastegar’s business plan and vision has not wavered and he continues to acquire and find amazing real estate opportunities in the ever changing post-Covid environment.”
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. To learn more, visit https://rastegarproperty.com/.
Media Contact
Rob Kreis
FischTank PR
rastegar@fischtankpr.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/afdbba2e-48dc-47a9-8061-3b5d0dd5ee51
