AUSTIN, Texas, Dec. 16, 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 48-unit multifamily property in Austin’s Hyde Park neighborhood to provide upscale living spaces to young professionals, graduate students and high-earning individuals in the North Austin/Hyde Park area that are looking for a minimum commute to the nearby hospital, University of Texas (UT) campus and the multitude of surrounding hotspots.
Located at 206 W. 38th St., Plaza 38 features one and two-bedroom units with hardwood floors, full kitchens and brick accent walls with access to a centrally located community pool and patio area. Located in close proximity to Interstate 35, one block away from the UT shuttle and less than one mile of the Ascension Seton Medical Center, Plaza 38 offers easy access to downtown, the UT main campus and Austin metro area with a plethora of restaurants, shopping and employment opportunities.
“Hyde Park is considered one of the most desirable places to live in Austin due to the neighborhood’s residential atmosphere, safety, sense of community and convenient location,” said Ari Rastegar, CEO of Rastegar Property Company. “This acquisition represents a unique opportunity to renovate a multifamily complex in a highly-desired area that will cater to the city’s growing young professional population and its students, while allowing us to add permanent value to the North Austin/Hyde Park area.”
“Located in the heart of Hyde Park, one of Austin’s most desirable neighborhoods, Plaza 38 provides the perfect location for students and young professionals – Austin’s fastest growing demographic,” said Jim Young, Managing Director at Newmark Knight Frank. “Located less than a mile from the University of Texas, the Dell Medical School and Central Market, along with access to numerous dining and retail options within walking distance, Hyde Park provides the ideal 24-hour lifestyle desired by the majority of tenants and investors."
Austin saw top-10 job growth from 2013 to 2018 adding more than 177,000 new jobs, an increase of 18.4%. The city also attracted more than 440,000 new residents between 2010 and 2018, a 25.5% rise in population, making it America’s fourth fastest growing city. Austin’s expanding job market and influx of residents resulted in the highest rent growth in Texas from 2018 to 2019, as well as the fifth highest in the nation.
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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