AUSTIN, Texas, March 09, 2020 (GLOBE NEWSWIRE) -- Rastegar Property Company today announced its acquisition of two properties near the intersection of E. 7th Street and IH-35 in Austin. Rastegar 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.
902 E. 7th Street is currently occupied by an 860-square-foot building, which will be leased as a flexible rental through Q2 2020 before being converted to meet the area’s growing demand for creative office space.
Rastegar Property Company also recently acquired a nearby property at 818 E. 7th Street. The lot is currently leased by Premium Parking and provides high-demand parking spaces for bars, restaurants, and retail in downtown and central east Austin.
The proximity of these lots provides flexibility for future development. Rastegar Property Company plans to acquire and parcel neighboring properties; assembling a larger lot will open the door to retail and multifamily spaces.
East Austin is home to historic buildings and museums, offices, bars, restaurants, shops and services, as well as Huston-Tillotson University. It lies just east of IH-35, situated between plentiful green space in the Boggy Creek Greenbelt and the retail, attractions, and offices of downtown Austin.
“Austin has cemented its status as one of America’s top cities for quality of life, economic growth, and job opportunity, as evidenced by the incredible pace at which people are moving here,” said Ari Rastegar, CEO of Rastegar Property Company. “Many of the people migrating to Austin are top-tier technology professionals, so now more than ever the city requires top-tier commercial space. These new properties straddle downtown’s endless employment opportunities and east Austin’s bustling entertainment and nightlife. It’s a great place to create value for our investors by reimagining properties with huge upside.”
Austin gained over 26,000 jobs between 2018 and 2019 and is one of America’s fastest-growing economies. People are moving to Austin at a higher rate than any other major U.S. city, with nearly 550,000 residents added in the 2010s and over 600,000 more projected to arrive in the 2020s.
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.
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