AUSTIN, Texas, Nov. 25, 2019 (GLOBE NEWSWIRE) -- Rastegar Property Company, 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 50-unit multifamily property in the North Central Austin neighborhood of St. Johns.
Located on Tirado Street and Middle Fiskville Road at the intersection of I-35 and Highway 290, the Highland Heights complex sits on 1.08 acres of land and features 29,867 rentable square feet. St. Johns is one of the highest performing submarkets in Austin, which boast 2.77 percent and 7.79 percent year-over-year increases, respectively. With an array of shopping and dining options within walking distance, including the Linc, Highland Heights is less than one mile from the center of Austin’s CBD industry. It is a desirable, highly residential and family friendly area with access to top-rated public and private schools. Rastegar Property Company plans to conduct full renovations of Highland Heights and increase the efficiency of the property’s management.
“Austin is an incredibly vibrant and youthful city, and St. Johns is home to much of the music industry and higher education that form the city’s unique fabric,” said Ari Rastegar, CEO of Rastegar Property Company. “Overall, it’s a great option for residents seeking the authentic, eclectic vibe Austin is known for. Highland Heights provides investors with immediate security in a well-occupied multifamily complex, with the potential for even greater long-term returns following our planned renovations. Investors and tenants alike will benefit from the improvements we make to the management of the property.”
“Ari Rastegar is a true visionary and has a keen eye for identifying tremendous real estate opportunities throughout Austin,” said Forrest Bass, Managing Director at Jones Lang LaSalle Americas, Inc. “He’s quickly becoming one of the most active buyers of well-located vintage multifamily properties in the Austin area with a proven track record of excellent execution.”
In 2019, U.S. News & World Report ranked Austin as the best place to live in the U.S. for the third consecutive year. Austin added over 38,000 jobs in 2018, and in 2019, WalletHub named Austin a top-five U.S. city in which to start a career. According to the Brookings Institution, Austin’s job growth from 2007 to 2017 ranked first in the U.S.
About Rastegar Property Company
Rastegar Property Company 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 Property Company 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 Property Company 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 Property Company’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 Property Company assumes no liability or responsibility for any errors or omissions in the content contained in this release.
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