Firm Completes Land Assemblage for Planned Multifamily Complex in Highly Desirable South Austin
AUSTIN, Texas, Oct. 22, 2020 (GLOBE NEWSWIRE) — 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 Southwest United States, announced today the acquisition of 5412 South Congress Avenue in Austin. Sitting on nearly one-acre of land, the property is the third and final property in the firm’s South Congress assemblage that includes 5402 South Congress and 106 Red Bird Lane. The three properties cover the two hard corners of Mockingbird Lane and Red Bird Lane with South Congress frontage.
Located in a thriving area of South Austin, the Company’s redevelopment plans for the trio of properties, encompassing almost three acres of land, will join a mix of high-quality apartment and condo projects in the surrounding area. The planned multifamily development will be transformative to the area, providing an iconic building with a walkable environment, further connecting this area of south congress to the very lively stretch to the north.
“After we closed on the first property at 5402 South Congress, we’ve had a vision to assemble this entire site and are truly excited to see it come to fruition,” said Ari Rastegar, Founder and CEO of Rastegar Property Company. “As Downtown Austin continues to grow in size and popularity, this assemblage of properties will provide frontage multifamily apartment units in a highly attractive central location, on one of the most famous streets in Austin, ensuring it to be one of the most sought-after areas of the city.”
“As we move forward with our planned development for South Congress, we continue to remain committed and focused on enhancing the quality of life in south Austin and providing great housing for our growing population,” said Hunter Floyd, Director of Design and Development for Rastegar. “We understand and realize the importance of quality of living, especially post-COVID. For those reasons, this project will emphasize wellness, including air quality and outdoor amenities as well as provide spaces within units that create office niches for residents working from home.”
The apartments will offer a range of amenities that have a specific appeal to wellness during and post-COVID including outdoor access and common areas providing greater air circulation, and more opportunity for social distancing. Additionally, Rastegar is familiar with using new materials including special light fixtures that have ultraviolet light and antimicrobial materials such as copper.
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.