AUSTIN, Texas, Sept. 23, 2019 (GLOBE NEWSWIRE) -- Rastegar Property, a vertically-integrated real estate investment firm focused on value-add and development in all asset classes across the United States, announced its acquisition of a 1.77-acre, 77,101 square foot lot on Austin’s S. 1st Street.
Located at 2209 S. 1st Street at the intersection of S. 1st Street and Live Oak Street in South Austin, the site was affectionately known as “Slackerville,” a popular shopping center comprised of artistic retailers that reflected the neighborhood’s independence and unique creative drive. In fact, the area was named one of Money Magazine’s coolest neighborhoods in America in 2017 and has been the site of significant and sustained development in the last several years. Tucked into one of the city’s major transit corridors, S. 1st Street is near other residential neighborhoods and multifamily developments, retailers, restaurants and food trucks, as well as the South Congress, South Lamar and Central Business districts. Rastegar anticipates developing the lot at 2209 S. 1st Street for mixed-use.
“Austin continues to attract renowned businesses and talented young professionals, the latter of which will soon start families, requiring the city to match growing demand for space. Given this property’s legacy and my family’s own appreciation of music and art, we have lofty expectations for its next iteration,” said Ari Rastegar, CEO of Rastegar Property. “South Austin offers downtown conveniences with relatively cheaper rents and this part of S. 1st Street sits in an iconic corridor. This property will be another Rastegar masterpiece and by strategically acquiring properties like this throughout Austin that have potential to add value to the city’s up-and-coming neighborhoods, we will contribute significantly to the city’s growth long-term.”
In 2019, Austin was ranked the best major labor market in the U.S. by the Wall Street Journal and is currently ranked the best place to live in the U.S. by U.S. News & World Report. Between 2017 and 2018, Austin added over 38,000 jobs and in 2018 alone, it added over 53,000 residents.
About Rastegar Property
Rastegar Property is an Austin, Texas based, vertically-integrated real estate investment firm focused on value-add and development in all asset classes across the United States. Rastegar and its affiliates have co-invested in over 4.9 million square feet of real estate with projects in 12 states and 34 cities. Rastegar 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’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 assumes no liability or responsibility for any errors or omissions in the content contained in this release.
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