AUSTIN, Texas, July 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 The Edge at SoCo, a 35-unit garden style multifamily complex in the highly desirable Buckingham Ridge neighborhood of South Austin.
With 94% of the property occupied, The Edge at SoCo represents a unique buying opportunity for Rastegar, which plans to increase the already strong in-place cash flow by fully renovating the Property and increasing efficiencies through the implementation of professional management to decrease operating expenses.
“We’ve found great value in these types of vintage, garden style multifamily complexes and will continue to be aggressive in purchasing them, completely renovating and amenitizing them, and offering best-in-class housing to the fast-growing number of Austin residents,” said Ari Rastegar, Founder and CEO of Rastegar Property Company. “The Edge at SoCo sits in an unbeatable location, a short walk from area beer gardens as well as St. Edwards University.”
The Edge at SoCo sits at 6812 South Congress Avenue, one block away from William Cannon Drive, and three minutes away from major highway I-35. With 26,550 of total rentable square feet, the property will undergo a full interior renovation, including upgraded flooring, fixtures, cabinets and countertops, functional appliances, tile shower surrounds, new interior and exterior paint, window replacement, exterior siding, roof repair, and landscaping. In order to address safety and health concerns in light of COVID-19, Rastegar will also be sourcing antimicrobial materials like copper when appropriate.
“This is the fourth transaction our team has sold to Rastegar and the third we have closed with them during the COVID pandemic,” said Forrest Bass, Managing Director of Investment Sales at Walker & Dunlop. “Ari is a visionary and continues to make strategic real estate purchases that closely align with his long-term business plan.”
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.
Media Contact
Rob Kreis
FischTank PR
rastegar@fischtankpr.com